There are many sites that have misleading or incorrect forclosure information. I've seen some that list 'upcoming' forclosures based on court filings for homes that are not yet forclosed on and may never be (lets not also forget banks can take months or years before the property is up for sale). I've even seen a site that lists HUD owned properties that has incorrect prices.
That said, there are deals out there, though most need work when you get in that price range. Talk to a local realtor such as Mike who answered here and they can help you you the real information on forclosures in your area.... more
As we know it in N.J the amount cannot exceed the value. You can request a new appraisal to prehaps get a higher value. However remember that costs and the apprasier may not see the value you want them to.
Maybe there is another area of the house where you can cut back in order to make up for the upgrades?
If not the only other thing is you will have to come up with the additional funds needed to do your improvements.
Speak with your contractor they may have suggestions that will help.
All the best... more