Foreclosures, Foreclosures, Foreclosures. How do you know if it really a good deal? Check out the homes that have sold in the last 6 months and the ones currently on the market. Compare the price per square foot to the comparable sold prices per square foot in the neighborhood of the possible "good deal." Also, what upgrades does the property have to offer?
Let's look at Albemarle Acres in Chesapeake, VA. The schools are Butts Road ES, Hickory MS, and Hickory HS. Excellent schools, nice lots, good location.
In the last 6 months, 9 homes have sold. The average price per square foot is $140. The average home in this neighborhood is 3 bedroom, 1 bath (typo??), 2376 square feet, and sells for 301,922. So, if you wanted a house in this neighborhood, I would figure out the list price per square foot for you. From there you would decide if it is a good deal or not. But, remember to look at the whole picture. Has the HVAC, windows, water heater, and the roof been replaced recently? Is the house updated or remodeled? Also, get a home inspection. If you are handy, do a preliminary inspection. That way you will have a better idea if it is a money pit. (Ask your REALTOR before doing one).
There are tons of good deals out there to be snatched. The key is getting the listings as soon as they hit the market, doing the math, and making a strong offer.
http://www.724-1064.com (Foreclosure lists categorized by feature)