This is not a home that has yet been foreclosed upon. It could be listed as a short sale currently and available for negotiation. It could be going to foreclosure and you can contact the bank to understand your interest and be 'first in line' when they put it up for sale after the foreclosure takes place. But have you seen the condition of the home? Do you know the value of the neighborhood in today's market? As the others have said, you need to gather all of this information and a good realtor is your best resource to help you make an informed decision, and even as important, to negotiate the best price and terms on the property that meets your needs.
Make sure and select one that's actively working in this market, because the 'game has changed' from a year ago. Having an experienced realtor will help you tremendously.
The only mistake you can make at this time is to not collect the information you require to make an informed decision.
Contacting an agent and collecting the details you need will not cost you anything and it committs you to nothing. Knowledge is POWER.......don't miss the boat......become informed, then make up your mind if this is the right time for you.
If you would like our support by referring a top agent to you, we would be happy to provide this service.
The "Eckler team"
Michael Saunders & Company
I would follow up with your REALTOR. This market is progressing forward and can be very competitive when it comes to a property that is priced correctly. Have your agent get all of the information you will need to write an offer from the bank and any other neighborhood information you may need to make an informed decision.
James Blaylock, REALTOR
Keller Williams Realty