Here's further info from my agent re foreclosures.
You get an inspection, as Soror Conskeeted7 stated, and have your contract contingent on the results of that - as with any other house that you make an offer on. Also, the loan for obtaining a foreclosure is the same as for any other property.
Here are two links for pages with listings of foreclosures.
http://www.all-foreclosure.com/reolist.htm
http://www.mortgagecontent.net/reoSe.../reoSearch.jsp
Quote:
Originally Posted by SummerChild
Dang Soror, you've done everything in the real estate market! I want to be like you when I grow up. 
I often see foreclosures listed but the ad often states something that made me think that you could not inspect the property before you bid. A realtor was telling me that he gets listings of pre-foreclosure properties so I'll follow-up with that. Did you find that it was much more expensive (like you had to pay out of pocket some huge % or could you just come with proof of loan funds)? I been reading a few articles and read a short book.
So it sounds like it was not all that risky at all - in your experience b/c you were able to get an inspection ahead of time.
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