There is only ONE way to find out and that is to make an offer and see what happens. The more important thing to not is that this is a foreclosure and the mtg balance will be bid on by the lender so you will not get it for that low price. There will also be others bidding, maybe a second lien holder involved which will also drvie the price up. Are you interested in this property for an investment or do you want to live in it?
Other things to note, IF you do buy this property which is in foreclosure, it will be sold "as is". I've mentioned this in other posts. You can have a home inspection, pest inspection, etc, but if you are not the successful bidder, you spent all that money for naught.
I would also check the area out well...is it improving? Declining? Stable? Whether you live in it as a primary residence, or you want to rent it out, this will be important.
People make their money when they purchase the right way - not when they sell. Get yourself a good agent and perhaps a real estate attorney, CPA,, financial planner and see if this is the right deal for you. Florida is the #2 State for foreclosures, unemployment is high, economy is bad. If you are going to spend a lot of money, it will pay to get professional assistance and make sure you are making the right decision.... more