One drawback of foreclosures is that you will not be able to finance it. The county will require full payment by 5pm. You should look at pre-foreclosures. In this situation you're able to finance the purchase. Working with FSBOs will require a lot more work on the buyers side.

When shopping for sale by owner (FSBO) properties, you can still have a licensed agent help you make an offer, research comparable sales, negotiate with the seller, and ensure that you receive the disclosures and opportunities to inspect that will help protect your investment. Foreclosure sales are risky for the inexperienced, since property condition and sales conditions are often difficult to estimate, and many shrewd investors are working this same market.