When a home buyer or investor wants to buy a cheap foreclosure, it’s easy to assume that all foreclosures sell for pennies on the dollar. However, that impression is false. It is not how foreclosures work.
When you watch TV news reports that sensationalize foreclosures or read headlines that foreclosure filings are increasing, it’s normal to jump to the conclusion that banks are desperate. People tend to believe that banks will do anything to unload foreclosures, including letting you buy properties for 50 percent of their value or less. READ MORE