Sam, yes you can still buy foreclosures for low prices, but be careful. You'll see homes for $50,000 that need 150k worth of fixes. Banks, generally speaking will not finance homes for buyers with little money down if plumbing, electrical, heating systems are missing. I've seen rookie agents give their low downn payment buyers false hope time and time again. As for appraisals, if you have an accepted offer on the home, the appraiser will visit the home and determine a value. If the home doesn't appraise, you either need to re-negotiate with the seller or come up with more money.. UNLESS, you indicate in your offer that the purchase of the condo is "subject to appraisal". Are you working with an agent now?