As far as foreclosed homes, which is a more correct term than foreclosures which is not really correct to say. A home that is in the process of foreclosure is in the process or it is not. Once in the process it can take weeks to years sometimes to get to the end which is the auction. All property goes through the auction that completes the process and once completed it is really no longer in foreclosure and not correctly called that anymore, although many still call them foreclosures. At the auction, if they make it to that point, they will sell. Either an investor buys them for cash or the bank gets them back and since they already are owed money they usually just bid what is owed and so most investors don't want to spend that much and the bank gets them back and they are now the "Owner" which before the auction they were not. So they are sold at auction, most often back to the bank that started the foreclosure. Now that the bank owns them the bank can get around to selling them and they are now correctly called bank owned homes or REO which stands for Real Estate Owned homes. This is where you can buy it from the bank at any amount the bank feels like selling them for. Your new lender will require they be appraised and the appraisal must be enough, or more, than you are paying or your new lender will not loan on them. The bank that owns it takes a loss here since they probably had more loaned out on it and why it went to foreclosure auction rather than the owner selling it themselves to prevent the foreclosure.
Hope that answers your question.
tim
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