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.