Is it possible to buy a home at a huge discount if it is in foreclosure? And if so, how do I go about doing it

Answer 1

Not any longer....
banks and financial inst. are not allowing the "high bidder" to totally underbid the defaulted amount on the property.
the banks and fin. inst. are deciding to reject High Bidder to retain the properties theirselves. they will hold onto the properties until it is profittable for them to sell...in the mean time they are now opting to rent or lease the properties.

as we move farther into the foreclosure market...you will see more and more of this behavior on the part of the baks and big financial inst.

good luck :)

Answer 2

No, you won't get any sort of HUGE discount. You've been watching too many late night infomercials. When a house is foreclosed, the bank takes ownership and puts it on the market for as much as it can get in a sale. They're not giving away these properties.

I've seen lenders hang onto these properties for nine months or more, until an appropriate offer comes to the table.