Foreclosure?

There are so many variables to your question that it is really impossible to answer.

Here is the way to find out though!

1. Decide what you would be willing to pay, in total, for the property.

2. Have funds available to make IMMEDIATE payment (don't plan to mortgage the foreclosure property - use a Home Equity Line of Credit to have funds available from your own home if you don't have the other cash available). Remember that a CASH offer is going to have a LOT more weight than a non-cash offer! (Once you OWN the new property, you can borrow against it either to pay off your own home mortgage OR to gain cash in order to purchase a third property!)

3. Contact the property owner and make your CASH offer. If they say that they can't because they owe more than that on the house, ask if they would be willing to work with you to contact the bank and make a "short sale" offer.

4. If the property owner refuses to work with you .. do your research and determine who the mortgage holder is. Contact them DIRECTLY and make an offer to purchase the home once they take ownership. (This is likely not going to be necessary if your cash offer made in step #3 is reasonable - especially in today's market).

Don't believe the "no cash down" infomercials you see out there. Lenders are rarely going to do a new loan for you on a short sale ... there are too many others out there with cash ready to purchase properties at low ball prices.

Hope this helps and GOOD LUCK!!!

Depends on the seller/bank. Some banks will still ask for market value regards of foreclosure. Some will sell the note for only what is back owed. It all depends on many other variables as well.

Best thing to do is simply call the # on the sign.

Most likely yes, since we are in a declining market prices are down, and in most cases since its a foreclosure it might be lower. Remember with foreclosure, those properties are sold as is, they usually dont fix any damage.