I've been buying foreclosed properties for almost 10 years. Here's what you should know before buying one.

Billy Pritchard, a real-estate broker in Lafayette, Louisiana, has spent nearly a decade buying and flipping foreclosed homes. Foreclosed properties often sell for 27.2% below their estimated value but require renovation and risk. Pritchard highlights that not all foreclosed homes are in poor condition and emphasizes the potential for profit despite misconceptions.