Buying a Foreclosure

Here is an article with some tips on how to best approach this type of purchase:
http://money.cnn.com/2009/11/19/real_estate/buying_foreclosures_tips/index.htm?postversion=2009111905
One strategy that I think is interesting which is mentioned here is waiting. Banks typically have timelines for lowering prices and are unlikely to accept low offers right off the bat. It seems the first few weeks of having the property on the market is used to evaluate the price more than anything. The risk you take with that strategy is that you could potentially lose out on the property.

LMC and SFR Certified!

In an effort to become as knowledgeable as possible about "distress sales" including short sales and foreclosures, I have taken the appropriate courses and webinars to receive both a LMC (Loss Mitigation Certification) and SFR (Short Sales and Foreclosure Resource). I definitely have a tighter grasp on how best to handle these transactions, but the bottom line is there is new information regarding distressed properties coming out every day.
My peers and course instructors all agree that no two transactions seem to take the same path or have the same timeline, so again for Buyers and Sellers associated with these type of transactions, avoid specific expectations.
The most basic benefit a Buyer can gain by purchasing a distressed property is getting a great deal under market value. Often times the uncertainty and long timeline the buyer has to tolerate is worth it to them in the end.