First, you need to hire a Realtor to work for you as a Buyer's Agent. He/she can find foreclosed homes listed in the MLS, research prices, take you out to look at them, write a competitive offer, assist with inspection & appraisal issues, etc. Not sure what the market is like in your area, but foreclosures go pretty quickly here in Colorado. Eventhough a listing may be "active" in the MLS there are usually offers on it already. That's why it's crucial to have an agent working for you. Good luck!