Just keep in mind that most of the time the reason for the foreclosure is property related and not owner related. Go into them with a very negative outlook and see if you can figure out what caused the house to be foreclosed upon.
Stay away from properties that are very close to schools, are on a busy street, corner lots, close by Apartments, townhomes, condos, railroad tracks, high tension power lines, & shopping centers.
Most foreclosures are sold as-is which means many of them need special financing to be sold. If a house needs special bank financing RUN don't walk away.
If the house gets burglarized, vandalized, stripped, whatever after you write the contract then you still have to buy it.
Be very leary of anything a Realtor tells you about a foreclosure. I'm a RE Broker so I've no axe to grind. In most cases the Bank owned properties is listed at double the normal commission structure to "entice" the Realtors to show the property, so just figure you're being sold out, even if the realtor is your long lost cousin, and be very skeptical and that might save you from making a very costly misteak.
Last, but definitely not least, remember that you'll need to sell that same house one day - will you be able to do that quickly and easily? Keep in mind the original owner couldn't or he would have sold it rather than let it be foreclosed upon.
