Buying a house that has gobe thru foreclosure is exactly the same as a "regular" purchase, except for the following:
1.) Since the house has gone thru foreclosure, it is now owned by a Bank, not and individual
2.) Since the Bank owns it, no one at the Bank can tell (Disclose) anything about the house; this would include work done, leaks, repairs, things damaged, flooding, neighborhood noice, etc.
3.) There is no emotion involved; they don't care if you will love their house.
4.) All they care about is money.
5.) They are a bureaucracy
6.) They want to sell the house AS-IS, no repairs, no warranties
7.) They don't want to pay for any inspections
8.) The Escrow will take 45-60 days (as opposed to a normal 30 days.)
9.) They won't want to pay for any of your Closing Costs
10.) You may be able to buy the house for 20-50% less than a "normal" sale
11.) You will probably have some repairs to do.
12.) Many REO's will not qualif for FHA financing (due to Health & Safety issues)
You really, really, really want to have your own Agent protecting your interests!!!
Good luck and may God bless