Is Buying Foreclosed Properties a Good Deal?
A straight answer to this question is: it all depends. All opportunities to buy foreclosed properties should be treated on a case to case basis and list all the factors, positive and negative given the minimum bid or price offer by banks. Aside from analyzing the value of the property such as the prevailing market price, lot area, floor area, location, how old the building, design, structure, etc., there is a need to find out from independent sources the real story behind the foreclosure. While it is generally accepted that it is due to financial slump of the owner, but there could be more than that such as financial slump plus the area has unsolvable problem or bears a problem that takes a huge amount to resolve. Take the case of the house and lot foreclosed by a bank in a subdivision in Mandaue City. The lot where the house stands looks good in its location near the exit of the subdivision when the weather is fine but based on deeper interviews with the nearby residents, the front la
