Jose, now that you've had a chance to think about this, I hope that you considered some of those alternative.When I think of foreclosures, I think of a property with a mortgage in default.

You stand a chance to get a business loan as long as you guarantee the loan and can show bank statements and income to prove you can repay the loan.Joe Gore

I got a chance to read that book a few years back and it was a great read!

What are the chances the bank calls the loan?

We took a chance and put an offer in at $60k.  

At the very least, they may offer the chance for a secure income stream that I could use to finance my first property.

I compare that to what they told me on the phone.Not a snowball's chance in hell would I ever give a key to a total stranger for a copy of a  driver's license or a $20 key deposit or their firstborn.

Just remember that the harder it is for you to reach the owner, the more likely it is that other investors haven't contacted them and you have a chance to get a better deal. 

Because as you mentioned, the cost of construction here being what it is, a bare shell could easily take 100K to complete.Do these investors just have good marketing that generates those kind of deals?

What are the chances of getting my offer accepted for less then the list price.