I have almost 11 years of dealing with bank owned properties and what I can tell you is that it's not as easy as everyone makes it out to be. There is a lot involved and even more to know. I could fill up three pages on everything you should know and be aware of. If you have some time, check out my blog at http://www.reneeporsia.com.
I write a lot about foreclosures. I think you may find it helpful.
I also wouldn't mind answering all of your questions if you wanted to contact me some time.
If this is something you are thinking of getting into, now is a great time but you must surround yourself with an experienced, aggressive buyer agent who knows how to deal with banks as well as a reputable mortgage company.
I'd love to hear from you.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee