I just got an email about 5 properties that are brand new and are part of a bank foreclosure sale.  One of the most dangerous parts of buying a foreclosed home is that they are often suffering from "deferred maintenance."  Since these are brand new, they shouldn't have as many possible issues. 

What most people would immediately jump to is that the homes are pretty heavily discounted. 

• Was $285,985, Now $219,900
• Was $279,900, Now $199,900
• Was $275,980, Now $219,900
• Was $277,780, Now $219,900
• Was $258,900, Now $209,900

So, there could be some good deals here. 

But, I think the better headline would be what is being offered. 

• No Closing Costs...
• And 100% Financing...

Of course, this would be for qualified buyers using the preferred lender. 

With the rates where they are now, this could be a great time to take advantage of a deal.  It isn't for everyone.  And of course there is the $8,000 tax credit for people that have not owned a home in the last three years.