I have always respected "Iowa" - just like everybody I know of in Nebraska,
you have honest, innocent, good people.
As a Real Estate pro, we hear lots of stories about forecloseures,
and you most of all want to be careful.
Understand that often, the folks who lived there couldn't afford to pay their mortgage.
And probably walked away. If that was you, would you be happy?
We hear of very angry people almost destroying their houses before they leave.
Watch out for vandalism by the previous owner, and perhaps by homeless folks
who moved into an empty house.
But that's about half the problem. You are probably going to buy that house from a bank.
Banks are not in the housing business. And the good part is you'll probably get
a good price so the bank can get rid of it.
Bad part is the bank is only interested in getting rid of it.
I heard of a place here in Illinois where the bank
didn't want to keep paying for the utilities like water, gas, electric,
while they were waiting and trying to get rid of the house.
So they sent in a handyman to "winterize" the house and turn everything off.
There was no visable shut off valve for the water,
but water had been turned off from the street, and so the handynman
just sawed off the water pipe coming into the house,
so the freezing winer would not burst the water-filled pipe.
Somebody bought the house and closed on a Friday.
They planned to move in on Monday, AND CALLED THE UTILITIES
TO TURN ON THE GAS, ELECTRIC AND water.
On Monday, the basement was filled with water and water was pouring out the front door.
Generally, you buy the house "as is" so be careful.
Foreclosures are pushing prices for all homes way down, because
banks just want to get them off their books.
I hope they all get bought soon, so prices return to more normal levels.
It is a GREAT time to buy a house anyplace today.
But be careful. Do your gambling at the tables in Vas Vegas, not at the
"seller's place" - the bank. Go there, look at the house,
then take time to think about it - lots of bargains, I've heard.
Better yet: move instead to Elmhurst, Illinois.
Where good people such as you want to be your neighbor.
Houses are for sale here, also. Let's go shopping!