Not that you're to this point yet, but . . . if you're looking at saving money on the purchase price of a home in this area I'd look at estates before foreclosures. I've looked at quite a few foreclosures and have always been disappointed. I think the reason is: This area is rapidly appreciating so the house should be worth more than the mortgage(s)/Helocs on it. If it's not there's probably a reason. Sometimes it's a simple thing like Tclah mentioned, but I've found investors around here are savvy enough that those properties are gone practically before they hit the market. So, what's a common thing that would make someone walk away from a house and go through forclosure? Water and/or mold. Now, I think there's money to be made on that kind of property, but I doubt it's an adventure you'd want as a first time home owner. Estates have lots of the same characteristics as foreclosures (motivated sellers who are often forced to sell at weird times under weird circumstances, "as-is" disclosures, houses that are staged oddly and often very outdated), but at least there wasn't something so wrong with the property that it forced somebody to decide it was better to go through foreclosure than try to fix and sell. I hope this makes sense. I feel like I'm not writing very clearly . . . hope this helps, but at least it if doesn't you can ignore it
