There are Short Sales, Pre-Foreclsoures, foreclsoures, REO, and Auctions. They each pose different situations and different problems, if you will.
If you can give me specific addresses or subdivisions I can answer your questions more specifically.
Please feel free to contact me directly.
If you are talking about a true FORECLOSURE, and not a shortsale, anytime is a good time. Most foreclosures are bank owned and the bank then lists them with an agent and they go on the mls. At that point, you move quick as they don't last long. They are significantly price reduced and they get multiple offers in the blink of an eye. You will still have to wait for the banks approval but they move much faster than short sales. I am a Buffalo Grove agent and I live there as well. If you would like to talk about this more or go see the properties you have in mind, please call me. I would be happy to work with you and help you!
Baird and Warner