"Best" depends on your circumstances. There are 3 times you can buy a foreclosure in Colorado. You can buy a foreclosure i) prior to the foreclosure auction, usually as a short sale, ii) at the foreclosure auction, or iii) after the foreclosure auction. If you buy a short sale, the process can take several months. If you buy at auction, you will need cash at the auction. If you wait until after the auction, you will be most likely be dealing with a bank or an investor. Unless you are an experienced real estate investor, you should seriously consider working with a buyer's agent or an attorney to help you determine what is best for you and to help you through the process. Good luck!