People are always looking for a deal, and feel the best way to achieve their goal is to buy a foreclosure. If you read the newspaper, or watch the news, you are lead to believe banks are practically giving houses away. I am always getting inquiries for minimum 3 bedroom, 2 bath homes with various amenities for a price of $15,000-$50,000. These homes are extremely rare, and when they do exist, they typically require extensive repair. What most people don’t realize is that the foreclosure market has changed with the current market. Many foreclosure homes are in the higher price bracket. These days high salaried people are losing their jobs, and unable to make their house payments. A majority of the foreclosures you hear about in the news are for higher priced homes.

Another reason foreclosure may not be such a deal is that many of the homes were 100% percent financed and there is no equity in the home. Some banks are not too quick to take a large loss on a property.

There are some homes available well below market value. The best way to find them is to get a good, experienced buyer’s agent to help you look. A Realtor has many more resources to find great values than the average buyer and normally does not cost the buyer anything. A Realtor is almost always compensated by the seller, and rarely is the price reduced if the buyer does not use a buyer’s agent. The best policy is to protect yourself, and use all the resources available.