Hi J.P., Foreclosures have to be considered on a case-by-case basis...some are great deals and others aren't. In our current market, many Foreclosures are cases where Owners are "upside down" on their mortgage, so to speak...they purchased at peak prices and have since refinanced, etc. and now owe more than the home's CURRENT market value....obviously, those aren't the Foreclosures that you would be interested in. Of course, the benefit of of a Foreclosure purchase is that you could find one that's a great deal for your $$. The specific buying process for Foreclosures differs from one home to the next...although the Foreclosure process itself is similar for all homes, the buying process can differ drastically from one home to the next depending on where they are in the Foreclosure or pre-Foreclosure process, depending on what their Lender is requiring of prospective Buyers...depending on what terms the Owners have agreed to with the Lender, etc. Those are just some of the variables. Like I said before, they have to be considered on a case-by-case basis...there's no "blanket answer" that covers all Foreclosures...purchasing one can be (and usually is) a complicated process that should be embarked upon carefully if you should decide to go this route....same thing with FSBOs. A thorough, detailed answer would actually require much more than a few words of response online here.