I've attached a link below with more information about buying foreclosures and I hope you'll read it and that you find the information of some use.
Whatever you do do not buy directly for the listing agent of a foreclosure. Thier relationship, regardless of anything they may say is first and foremost with the bank who supplies them the majority of their business. If you're going to pursue a foreclosure go find yourself an experience buyer broker who will be watching out for your interests.
Good luck and happy house hunting.
Normally purchasing a "foreclosed" property isn't any more difficult than going through a regular purchase. The main difference is that with a foreclosure, you are purchasing the property from a bank rather that an individual.
You can plan on using the bank's contract form and perhaps a few additional forms but your agent should be able to easily walk you through the process without difficulty.
Consider working with an agent that will represent you personally....someone seperate from the bank.
I can give you more details in person if you call me, its' too much to talk about the process over email
Please call me
Thanks for inquiring
Coldwell Banker Heritage Realtors
You'll absolutely need to find an experieneced buyer broker familiar with foreclosures and who hopefully also has expereince in or resources the can reccomend who can help you accurately estimate how much it's really going to take to repair/imporve the home. There is considerably more risk involved in buying a foreclosure and unless there's a siginificant upside, then it's hardly worth the risk.
Just be prepared some lender owned properties have had a lite rehab and are ready to move into. Some lender owned properties are in bad condition and need a lot of work done to them. The current situation in my area is not how cheap can we get the property but how much over list should we offer. If the property is priced right it will have multiple offers the first week. The last 3 preapproved hort sales that I have ilsted have had multiple offers on them and the last one had 2 offers before I could get all the paperwork to the lender.