Ann, I have sold many foreclosure properties over the years and they are full of special terms & conditions. Many times a home will be empty for a year or more while it goes through the legal process of foreclosure. After it has been turned over to a Realtor, it is very close to becoming available for sale. The Realtor has to have it cleaned out and do a marketing study for the owner-bank or mortgage co. before it is actually listed and offered for sale. Typically, the owner will also have it appraised, so they know the value of the property in this market. After all this is complete, they will then make it available for sale at a current market price. I have never seen a house in Monroe or WM sell for "pennies on the dollar" as touted on late-night TV. Buying these properties usually involves LOTS of paperwork and a significant deposit. They are always sold "as is, where is" meaning the owner will make NO REPAIRS even if the plumbing has been ripped out or the A/C is broken.
Let me know if I can help you with any other questions, or if you would like to see anything on the market.
Keller Williams Realty