A foreclosed home will surely sell for at least the value of the land. Banks are generally big bueaucratic organizations with many people whose job is to make sure that they don't walk away from money.
Even $11,000 as a down payment is probably not enough to buy a home in Silicon Valley.
Knowing nothing about your situation all I could recommend is look at your self for any special knowledge or skills. Our valley is full of people who've turned hobbies or obsessions into money producing activities and businesses. Your odds of getting a very good "deal" from your skills and knowledge are probably greater than finding a incredible deal on a home. It would be a quicker path to owning a home.
I hope you succeed,
Keller Williams Realty
Hope that helps!
-Kim, Community Manager
If you mean a down payment of $11,000.00, then, if you are securing an FHA loan, you will qualify for a maximum purchase price $314,285.00. Even at that price, there are not a lot of options in your area.
In our area even a mobile home is more than $11,000.
We are experiencing a robust real estate market which feels like we have already hit the bottom and indications show prices have gone up from this time last year.
I don't know what "much money" means to you. If you have less than 5% of the purchase price of the property you are looking for, along with some reserves left over in savings, it may not make sense for you to buy a property.
If you would like to talk with my lender to bounce some ideas off of him, drop me a note.
If you're hoping to find a home for $11,000 total, then I think it's pretty close to impossible. Even a foreclosure property will be sold for fair market value and/or the loan value and neither fee is likely to be this amount.
Your best bet is to work with a good loan officer to determine what you can afford now, or the steps you can take now to afford a home in the future. Good luck!