Are amazing deals on Short Sales & Foreclosures a fact or myth?
Most deals on Short Sales and foreclosures take place on properties that are distressed or have some sort of rehabilitation issue. Those are the types of properties you will often see on shows like “Flip this House” and “Vanilla Ice Project”. If the home is in turnkey condition, then it is unlikely that you will get a great deal on the home. The bank is not likely to offer a significant discount for two reasons. First, the bank knows what the property is worth because of the appraisal or BPO value of the property. Second, the bank does not want to encourage a further depression of home prices due to the large inventory of foreclosure properties on the market right now.