This can be a easy and lucrative transaction, just make sure you have someone working for your best interest, remember that a you the buyer never has to pay buyers agent any money out of pocket, the seller of the home or in most cases like this the bank or mortgage company pays your agent to do the work on your behalf out od the commisions ..... be safe!

Here"s a very good link that discusses the pros and cons of buying foreclosures http://homebuying.about.com/od/4closureshortsales/qt/093007_…

No, you don't have to stay away as long as you know what you're doing. This isn't for everyone --- it depends on your financial strength, your ability to cope with fixers, etc. There are many good buys today, so you should have lots of opportunities to find something that is right for you.

Remember, though, that when you see a property that you would consider a bargain, other serious buyers are seeing it too. So you may encounter multiple offer situations.

Since many foreclosures are listed for sale by banks/lien holders using realtors, and they have specific criteria and instructions. If you haven't engaged a realtor yet, please do so, and your realtor can help guide you through the prequalifying/preapproval process and writing a strong offer.

Good luck to you.