Go for it, it tough working with overseas coders, I find that 75% don't deliever on time and the other 25% don't deliver what you expected.
I have used, CMScoder.com, Rentacoder.com, Getafreelancer.com, phpfreelancer.com etc..
The one thing I would make sure of is that they have Positive Feedback, DO NOT USE someone without feedback. I have wasted litterally over a year trying to get coding done when people come on and promise cheap rates, but not feedback, they start off great, but then they seem to just dissappear.
SO now I pay more if they have good feedback, because I know they want to keep it. They are normally more expensive but its worth it in the long run.
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