My experience with foreclosures is that they are usually not a good deal, unless you really know what you are doing. Banks don't want to own houses, but they also won't give them away. Most foreclosures I have seen are overpriced and the bank is not willing to do much negotiating. I think they rely on uninformed buyers to pay more than the house is worth, thinking that they are getting a bargain because it is a foreclosure. I would especially avoid reverse mortgage and VA foreclosures.
Last edited by retiredguy123; 01-09-2020 at 07:06 PM.
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