It depends what your goals are for the house. The Panama City Florida is not a good area to buy a Foreclosure for the purpose of flipping a house. There are also better markets to buy a foreclosure for rental purposes. There are other areas where you will end up paying less for the house; compared to the rental dollars you will receive.
If you are looking for a house in the Panama City area, sometimes foreclosures do come out that are below market. That can be advantageous.... more
Foreclosures often go under contract fast. If they are priced attractively, they will often receive multiple offers in a matter of days. Once an offer is chosen, there can be a delay on paperwork. The mixture of these things is most likely what happened in your case.
If you are looking for a foreclosure, you can contact a local agent. They can set up a search for you that will notify you of foreclosures that come on the market each day. They can also narrow the search if you wish.
To see a list of foreclosures you can also look here.