Jeremy, most of the time buying a foreclosed or REO property is not much different than buying a typical resale home. And quite frankly, most buyers think a foreclosed property is a much better deal when it is actually not. As foreclosures happen in a neighborhood, they bring down the price of almost every home, and a well cared for property that is not been foreclosed on is typically a better deal than an REO or a foreclosed property. When an owner knows that their property is going to be foreclosed upon, they typically do not do any routine maintenance and the property is neglected and is often in very poor condition compared to a property that has pride of owner ship.
If you are not yet working with a Realtor, I would be happy to speak with you and discuss assisting you as your buyers representative. I do not charge anything for my extensive services, and have very successfully found properties at the same price as a foreclosure, yet in much better condition needing much less work.
Feel free to contact me and I'll be happy to try and assist you!
Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012) Call 512-261-4415