We decided to buy a small house to live in, reserving the majority of the proceeds from the sale of our home for building the new house to at least the C.O. stage. Since we are crazy people who are addicted to the DIY and HGTV channels, we want to buy something we can fix up and then at least break even when we turn around to sell it. As it turns out, this is easier said than done!
We have what seem to be reasonable criteria - 3 bedroom, 2 bath, 2 car garage, 1500+ sq. ft. and priced below market value. We're probably naive, but we thought there would be DROVES of houses to look at, what with all the foreclosures on the market, but there are actually just a few, and we looked at them this weekend.
We've got 2 that we are considering, so I'll post updates as we go through this process.