Upcoming Foreclosures

Foreclosures..help please?

I like the website Realtytrac.com because it tells me what is in foreclosure in my area. The one thing I dont understand is the price. Some nice houses in nice neighborhoods are listed for cheap. Some are worth $500k and are listed at $100k. What does that mean? Some are $67k, $97k, some are even $400k and beyond, but my concern is with the cheap ones, is that an actual price? How can I own it for so cheap?

Public Comments

1. They will likely auction those properties, the bidding will start at the listed price.
2. First you must realize that realtytrac.com and other websites are behind at least 6 months in what you actually see with the listings so what you see could be not be an actually listing price but what the house sold for. All transactions are different and therefore not all disclosures are public. Some foreclosures are actually short sales and that is why you see the properties that may be worth more listed at unheard of prices because the lender is only wanting what is left on the balance of the loan.