The average discount from list price on a foreclosed property is approximately 30% and the average foreclosed property sells for about 27% less than a non-distressed property.
The main reasons for the difference in value is usually the difference in condition between a foreclosed home and one that is not in distress. These statistics reinforce the need to put your home in tip top condition for selling. Almost every normal property for sale has competition from a foreclosed or short sale property. The magic phrase you want a buyer walking your home to say is “All we have to do is move in!” In today’s busy world despite most buyers having some romantic idea of taking on a “work in progress” to save money, when faced with the choice between a ready to go home or a home needing work the majority choose the home in better condition.
