Foreclosures? | Real Property Management

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Question by shorty03_7: Foreclosures?
why are houses that are on the market for foreclosure so cheap? is there something particularly wrong with them? also if i found a foreclosured house on yahoo real estate in my area that i was interested in, how do i contact the agent without having to pay online to sign up? is there a way to just find out how long the house will be on the market and if it has been sold yet?

Best answer:

Answer by I_Love_McRedneck
Because people bought houses they couldn?t afford and now there are TONS of houses on the market. People can?t get loans because they have lousy credit and banks aren?t handing loans out like candy anymore. All of this means people (and banks) have to sell property at a low price just to get out from underneath it.
You can call any realtor and ask them to send you a listing of homes in your area that are foreclosures, HUD homes and short sales.
You really need a realtor because you could get screwed over MAJORLY without one & if you?re new to the real estate world. The seller pays for realtor costs, so it doesn?t cost you anything to rely on their expertise.
They?ll also help you weed out the houses you want from everything. USE ONE ? you?ll thank me later for the suggestion!

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