I just went under contract as well. I didn't go the foreclosed route though, this one is going to be brand new... foundation isn't even finished yet. I know there were some killer deals out there on foreclosed homes, and we walked through a good number of them. In the end, we decided that we could pay equal to or just a few thousand more for something brand new. The house we own now is from the 80's, and my wife wants something we can just be happy with and move right into with no remodeling or repairs needed. Best part is, we can afford to keep our current home and do some repairs while renting it out until the seller's market turns around. Closing should be around 7/31. Used or new, great time to buy.