Possible Foreclosure deal, I need advice

[Chris Hamrick]

I'm fairly new to REI and I came across a foreclosed home that I'm strongly thinking about purchasing. It's a beautiful home that my fiance and I want to live in. the bank is asking 740K for it, and it was last listed in March for 1.5M. it sold in March and just foreclosed a week ago.

Now what I was wondering was, is this a good price for this home? I would think so, if it just sold for over a million dollars just in March and they only want 740K.

Another thing, if it does appraise for about 1.2- 1.3M I would want the equity in the home. Could I get that equity upon closing, purchasing the home? Or would/should I wait a few months and refinance to get the equity? I was thinking of waiting 3-6 months and refinancing with an MTA loan if I couldn't get 80% upon purchase.