There is a common misconception in the real estate world that foreclosures are always deals. While foreclosure homes are often deals, they certainly aren’t always discounts.
Realize, a bank wants to get as much money as possible out of the assets they need to collect for their investors. They don’t want to lose money. Banks have always been in the business of making as much money as possible. When you make an offer on a property, it still needs to be accepted by a real person, who works on behalf of the bank.
It is true that banks like to list their properties below market value. They don’t want to keep the real estate properties on their books for very long, and realize the importance of selling quickly rather than slowly.
If you were looking for Rockville Maryland Homes, you absolutely would want to consider the many foreclosures for sale. But, these homes are not only likely in worse condition, but they also may not be a better deal. Purchasing a foreclosure can often be more challenging as banks have extra contracts and more limited warranties.