While doing research on the property I discovered the previous owner lived there roughly 7 years, appears they didnt really tear the house up, but just didnt keep up with the little things that needed to be done, and after getting foreclosed on the house had been sitting empty for roughly a year or so. Couple years ago before everything crashed around here the property was valued at over 91k.
The REO world is an interesting one. There are lots of horrible condition homes and lots of great condition, sometimes even brand new repos and everything in between. The market is also loaded with fantastic buys in all catagories - repos, shorts sales and "normal" sales. You just need to keep looking and you'll find something that works for you. The super fantastic, unbelievable, 50%+ below market value homes in good condition will be far and few between. You may find one but there's lots of folks looking. If you want a "good" deal on a home in good condition you will have no trouble. If you find something for $80K that's surrounded by $120K+ homes and/or was a $120K home itself, most likely it's going to be dump and in horrible condition or it would be listed at a higher price say in the $110K range. Repo or not every seller wants to get whatever they can for the properties they are selling.
Yes, it is possible to find foreclosures that are in good condition. Sometimes foreclosures are almost new, sometimes these houses are older and not taken care of. You need to have a buyer agent to be helping you look through all the online listings. You do not pay for the services of a buyer agent. The seller pays the buyer agent commission. Give me a call if I can be of help to you in your search for a new home.
Coldwell Banker Advantage
One thing you are going to find is that the good ones do not last long at all. What you need really is a buyer's agent helping you find them as soon as they enter the market. Actually a good agent finds them before they hit the market. I do know that if you are serious about buying one and want a good one then you need to be prepared to buy. Are your funds in order or the lender ready? I see excellent ones everyday but they will not last a week or two on the market. Believe me you are not the only one out there looking. If you do not have an agent already I work with one in your area that does an excellent job. If you like just contact me through my profile or one of my other websites listed below.
Hope this helps,
I suggest looking at bank and other lien holder websites for information about foreclosure properties.