Stagnant real estate markets led to an increasing amount of homes being listed for sale at the same time lenders were taking back huge numbers of foreclosed homes throughout most part of the United States. Currently, the backlog of foreclosed homes is smaller, but lenders are still trying to keep the amounts of bank owned property to a minimum.
If you are seeking foreclosed property as an investment, you'll probably want to look at homes needing significant work to make them marketable. Homes where a lender has already completed repairs and upgrades just won't have the price flexibility to make it a viable investment. If, however, you are seeking a personal residence, a fully rehabbed home at a somewhat undermarket price may be exactly what you are seeking.
If you are seeking foreclosed property as an investment, you'll probably want to look at homes needing significant work to make them marketable. Homes where a lender has already completed repairs and upgrades just won't have the price flexibility to make it a viable investment. If, however, you are seeking a personal residence, a fully rehabbed home at a somewhat undermarket price may be exactly what you are seeking.