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Million-dollar foreclosures

Even million-dollar mansions can become big bargains. That's especially true when banks repossess them from delinquent borrowers and put them back on the market.

Franklin Lakes, N.J.

franklin lakes
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  • Price: $1.25 million
  • Size: 6,516 square feet
  • Rooms: 4 bedrooms, 7 baths

Even though it's located just 25 miles from Midtown Manhattan, the wealthy enclave of Franklin Lakes feels far removed from city life.

This house, for example, sits on an acre lot with lawns, gardens, stone patios and a swimming pool. It even has a gazebo by a pond.

Inside, there's great room that boasts a wall of windows with water views and an open floor plan with a large dining area. The kitchen has cherry cabinets, granite countertops and top-of-the-line appliances.

The master suite is on the second floor and features a sitting room, two walk-in closets and a large bath.

Before the home was repossessed by the bank, the owner listed it for $2.5 million. Now it's being offered at half that price.

For further information: Trulia

- Last updated January 30 2013 06:38 AM ET

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