2) If you are a homebuyer it is easier to get your bid accepted...usually the first 10 days are for home buyers/after that investors can make offers.
3) I would strongly advise not trying to do this on your own...use an experienced agent who understands how, when and all the bits and pieces it takes to make offers on such properties...if one iota of detail is left out Fannie Mae will reject the offer.
4) Cash is King...Fannie Mae will offer you all these "great' incentives to buy, but like any other loan it is based on credit...and all the associated criteria.
5) In the same "Cash is King" scenario, remember if a home is foreclosed do you think the home loser cleaned up behind themselves when their behind was being kicked out of the house? Probably not.
So even if you get financed after 45 to 90 days, you will still need cash to cleanup and renovate.
There are many more pros/cons specific to the New Orleans metro area....I have helped some clients make incredible money buying in at the right time for the right money.