First, let us state that we are not advising you to purchase a foreclosed home in your area. That kind of investment decision is entirely up to you. This advice is intended for people who have already made that decision, and are now looking for help to learn how to buy one of those homes.

But why bother in the first place? What's the big attraction with these types of properties lately?

Basically, a foreclosed home may possibly be a way to get a great price on a home compared to its previous market value.  We are seeing record numbers of home foreclosures in this country largely as a result of mortgage marketing practices that were not properly safeguarded. So the sheer number of foreclosed homes increases the likelihood that you will hear about them.