I appreciate the other info - we've looked at pre-foreclosures, bank owned, and HUD. We just have very particular needs for location and acreage, and this one fits the bill best right now.
Another good resource for finding foreclosure deals is HUD. You can finance a HUD foreclosure with an FHA loan and pay as little as $100 down!
You can find great deals on these type homes if your buying as an investor or a homeowner. I work with many investors and HUD's are all they buy!
Buying a HUD home is easy and it's in an auction style bid. You get a property condition report (inspection), In many cases a repair escrow is offered to make repairs to the home if needed, clear title, and good prices. Last week I won a bid for my client on a like new home that was listed for $153K for $126K and all it needed was new carpet! They even recieved 2K in closing costs and 2K for new carpet.
Give me a call if you are interested in finding out more about these homes and what is available in the area you are looking in.
ERA Sunrise Realty
Talk to your banker and make sure you have the funds to proceed. Also, be sure you've checked for federal tax liens.
If you are interested in finding a "bargain", you might do just as well to look at pre-market foreclosures or homes that have become stale on the market. Sometimes you'll find a better value by being able to negotiate than competing with others at the courthouse steps.
Eric is correct on this matter. If you are not an experienced courthouse step shopper (so to speak) and have not done this before, it can in fact turn into your biggest nightmare.
best of luck.
Buying at the courthouse steps without doing a full due dilligence is HIGH RISK and in todays market in most cases the Risk out ways the short term rewards.