Remember to update – those are three key words every homeowner should remember if they want to sell a property that's already real-estate owned or heading in that direction.

The good news: if the price is right, even a foreclosure with green carpet can sell … as long as it's in the right location.

The famed home of real estate developer Louis Prus in Wicker Park in Chicago, is one such example, selling for over $900,000, according to news reports.

What’s interesting is the property’s owner, who is now deceased, was an investor who generally acquired foreclosures to flip them for gentrification purposes. His home has now been sold off as a foreclosure, according to ChicagoMag.org.