Foreclosures are bank owned homes. There are a lot of great deals because banks generally price them to sell fast. You do need to be careful when buying them because there is no "seller" to tell you things about the home. A home inspection (maybe more than one) is very important.
You will also want to go over the REO addendums with a fine tooth comb and possibly a lawyer or a Realtor well versed in this type of transaction, because many times contingencies periods are shortened or removed altogether.
If you have any questions I'm happy to help. I live in Burbank and my office is in Studio City.

Hi there Lore, Foreclosure generally means a bank owned property. Depending on the home, size location will effect the selling price. Many Bank owned homes are great deasl but they can be very competitive with many bids sometimes. But if you are thinking about foreclosures I would strongly recommend that you woek with a professional Realtor who works with foreclosures. This will help you be prepared , and ready to make a smart move when a suitable property becomes available. All these homes can be viewwd from my site.

Kind Regards
Michael Barron
Realtor
REO/SHORT SALE SPECIALIST
First Team Real Estate