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Purchasing Foreclosure properties can offer the buyer deep discounts based on current taxable market value.  Our Century 21 Alpha Realty Office here in Rochester located at 12 Elton Hills Drive NW Suite 102 has about 12-15 Foreclosure properties currently listed on the Multiple Listing Service (MLS). 

An example of one of our discounted properties is located at 1763 21st Ave NW here in Rochester, MN.  Olmsted County has the taxable market value of the home and the lot at $154,500 for 2010.  The property is currently in Foreclosure and is listed at $89,000 by the REO that owns the property and has it listed through our office. 

The obvious key to purchasing a Foreclosure property is to know how much you will need to spend to bring the home into tiptop shape.  A veteran home inspector and contractor can give you a good ballpark idea of what needs to be done and how much it will cost to get the job done.  Do-it-yourselfers can save on labor costs by doing some/all of the work themselves; but, must figure in cost of materials and time to get the job done. 

When done properly, Foreclosure purchases can save the buyer much money up front and reward them with equity down the road.  With our economy slow to recover from the recent deep recession, now might be the time to consider a purchase of a deeply discounted property such as a short sale or a Foreclosure.