I am interested in buying a home. I have heard that foreclosed homes are sometimes sold below their market value. I have seen lists of foreclosed homes available on the internet. There is usually a fee just to see the list. I have also heard that a buyer is expected to pay all past due taxes on the property up front. What's the real deal, and is it worth the hassle?
The fee sites are a rip-off. Most of the time they're just copies of the HUD lists, which the government does not copyright. Look at them for free at http://www.hud.gov
Foreclosures can be a good deal though they normally sell for pretty close to market value most of the time. The slightly lower prices are usually due to less than perfect condition since the previous owner had no incentive to clean the place up or make needed repairs. Taking care of that will be up to the buyer.
