I think there is a misconception among buyers that a foreclosure is going to be a "steal of a deal".
Why take the risk unless you have a strong stomach and deep pockets. The best way to find your new home is through a knowledgeable buyer broker/agent who can guide you through the process. It is always nice to have an "exit strategy" in the event things get ugly and you need to bail. Let the bank take on that headache..