What is a foreclosure property? Should I be targeting one for my new purchase?

A foreclosure home is any house, condo or manufactured home whose original owner defaulted on his mortgage resulting in his lender repossessing the home. The lender then reserves the right to sell the foreclosed home to another buyer. Savvy homebuyers can sometimes purchase foreclosed homes from the bank at a discount.

Not all foreclosure homes make it onto the open market. Before a bank markets foreclosure properties through a real estate agency, it attempts to sell foreclosed homes at auction. A bank may ask any price for a home, but often banks will price a foreclosed property at the amount the former homeowner owed on her defaulted mortgage. If no one at the auction bids an acceptable amount for the home, the bank will retain ownership of the property and place it on the open market.


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