First Time Home Buyer - Too good to be true?

[Sydney Rae]

Greetings!

I found a cheap home in Texas is in a neighborhood where the median home price is $331,350 avg. The house was build in 2010 and seems to be a foreclosure but I cant find it on the county foreclosure website. The description says that its "Priced to Sell". It has cosmetic issues that don't look alarming (Paint scratches and stained carpet). It is priced at 100K, is this too good to be true, or did i stumble upon a mini investors gold mine?

[Greg Scott]

Here's how you know....  If it is that good a deal, someone will put it under contract today.

Knowing Texas, I suspect this property had some significant foundation issues that you couldn't see in photographs.  Severe foundation problems, particularly a cracked slab can dramatically reduce the value of a house.  Even with those issues, it still might be a great deal, but I doubt there is $231K of equity sitting there.