For hopeful homeowners in the throes of shopping for their next home, the dream of finding an absolute gem at a lowball price is often just that: a dream. But if finding a "deal" on a home is a must for you, and you're resilient, determined and willing to sit back and wait, there are a few avenues that can lead to a below-market price on a home.  

Foreclosures. This is the top way to snag a real steal, and it means tapping into the local bank-owned property auctions, knowing what you want, and acting fast when you find it. You can bring on a real estate agent to help you hunt and lay down the complications that can arise with buying bank-owned.

A fixer-upper. If you or someone in your immediate family is a contractor or DIY genius, purchasing a home that needs work and doing it yourself is a great way to nab a good price. However, be sure you have the time and patience to give your new space the TLC it needs, and that you can swing most of the work on your own, or you may end up in a contracting nightmare.

New homes in vacant developments. A good deal on a brand-new home is not completely off the table, especially if your market leans toward the buyer, you're in a recession, or you live in a place where building is happening very quickly and demand hasn't quite caught up. The best place to look is an overly empty development project, where developers may be eager to offload vacant homes. Just make sure to do some research to learn why the development is so sparsely populated before you commit.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com