Looks like you are getting some sound advice from the answers below. I would also like to add a couple of other thoughts. First, since it is a forecloure, you will probably want to move pretty quickly. Most foreclosures are put up for sale by the bank and they are usually priced below market. Second, have a CMA (Comparative Market Analysis) done. This will tell you approximately what the home is worth. Finally, be prepared. Most think that they can get a deal on a foreclosure and try to offer way less than advertised price. If your offer is based on comparative sales, you will have a chance of getting the home at a reasonable price. If you try to get a steal by making a very low offer, you will not get the home.
Please let me know if I can help.
303 N. Glenoaks Blvd. Ste. L-110
Burbank, CA 91502