Everyone is fascinated by foreclosures, and how much they can "save" or make by purchasing one. As Realtors know, not every foreclosure represents the same type of deal, depending on the work they need, and the community they are located in.
I just ran a quick search, and came up with 63 total foreclosures sold this year in Atlantic, Neptune and Jacksonville Beach, FL.
The lowest price one sold for $25,000 and was fire damaged, requiring repairs, but close to the Mayport Naval base. There were quite a few of these, which are townhomes, that sold for less than $50K.
The highest price property was an oceanfront home, with 3000 square feet, built in 1923, that sold for $1,335,000. It needed absolutely no work at all.
The oceanfront home is a terrific deal, the fire damaged townhome is less than a terrific deal, but it all depends on what the buyer is looking for.
If you are in the market for a foreclosure, it helps to have cash financing, have the ability to honestly assess what kind of work the property needs, and what your abilities are to do the work yourself, or have a contractor visit the property with your to get a realistic idea of what it will cost for you to do necessary repairs.
Utilities will need to be turned on (buyer expense) and the property may have to be de-winterized in order to do inspections. You need to be working with a Realtor who has successfully handled foreclosure properties previously who knows how to navigate these waters, as foreclosures are different than standard resales.