Strongly consider renting. First of all, you are going to throw money away on interest payments. Don't forget to factor in closing costs such as loan origination fees and closing costs that you will have to pay when you sell. Factor maintenance costs, too.
If you hire a listing agent when you go to sell, prepare to pay up to 7%. Property taxes are another consideration. You need to assess your own situation to determine how much not having a mortgage deduction will affect your income taxes. But all things considered, the housing market here would have to improve drastically for you to break even. Ask yourself if you want to take the risk of the house not selling or of ending up with a loss.
No one can offer any assurance that home values in the area will even remain stable, let alone increase. I don't have a product or service to sell; I just want to help others with lessons that we learned the hard way!... more
You can't renegotiate the price without canceling your existing contract. Then you would need to wait until bids are open again and place a new bid. As far as the lien is concerned, if that was missed during the foreclosure there is a legal process to clear the title. That process will most likely take at least a few month to even over a year.... more