As a buyer I'm not going to pretend to know everything about foreclosures. Nor do I know the secrets of foreclosures. All I really know is that they're supposed to be cheaper than a standard home sale and apparently, to an agent, they're supposed to be a pain in the butt.
It's important to keep in mind that a foreclosure is also a home that someone was basically kicked out of. At one point, it was someone's home. At one point, someone made an offer on this home too and was just as excited as anyone when they got the notice that their offer was ACCEPTED (a feeling that we do not know but will hopefully know one day soon). Then one day these happy homeowners were kicked out. For one reason or another they could no longer make their payments. I've thought about the transfusion of "bad energy" in a place, would we feel it, does buying a foreclosure mean bad karma?
With all that said, I've also heard that people have been known to get GREAT DEALS on foreclosures. I would not know what this is like. Our agent keeps us very informed and she's told us about the many disadvantages of foreclosures. We are looking at FHA loans and our agent has told us that banks aren't too quick to want to give out loans for foreclosures. She's also told us that foreclosures go quick. And she's also told us that she's willing to show us foreclosures but that we shouldn't get our hopes up.
As a buyer, I would like to explore all of my options. I would also like to feel like I'm getting the best deal possible. In all honesty, I would really really like to get into the best foreclosure possible! We haven't looked at very many foreclosures, in fact, we may have only looked at one or two in the tens or twenties that we've viewed so far. I can't seem to find any on the MLS so if anyone has a special bookmark to these very rare but killer deals, I'd love to hear about it!