Not a bad idea. If I was in the market I would be looking to rent if I couldn't buy at $.60-.70 on the dollar. But then again, I try to buy everything that way regardless of the market.
If your looking for bank owned, see if you can find out if Wells Fargo is auctioning any of their REO properties in your area soon. I think I mentioned it before, but I just helped one of my clients buy 2 houses from Wells, one for $141k that appraised for $209k and one for $134k that appraised for $195k. Both of which I consider a good purchase for my area.
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
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