Charlotte Bonilla, properties located in ballast point area will be selling in the mid 200s. Whether they are short sales, foreclosures or conventional sales. The transfer fee of $1000 represents a public recording fee or document stamps. Even if you could buy this property at auction on the court house steps you will be competing with the existing lenders, experienced foreclosure auction bidders or submitting your bid "blind" to be selected by the selling party.
You can buy foreclosed or bank owned properties however, you will have to look and work hard to find them. Banks have become well organized and the asking price associated with bank properties often is the start price that the bank will accept. Banks like to create a bidding war to obtain the highest and best offer.
Your comments reveal little with regard to type of property, price point, number of bathrooms/bedrooms, desired cash flow and how long you intend to hold the property. Right now your interest is theoretical and not drilled down to realistic figures that could be applied in the field. What's your written game plan as an investor?
Properties values over the past six months have risen, in some areas as much as 20%. Specifically what are you looking for?