QUOTE (delSol_si @ Sep 9 2009, 10:25 AM) Like I said in chat, a lot of people who are having their homes foreclosed on trash it before they leave...to spite the bank and the next owners. Be prepared to do a lot of repairs. This isn't always the case, but just think about it, you have been working your ass off (or stealing your ass off) to buy this home. The bank is going to seize it, leaving you without a home or any of the equity that you should have built up, all that money that you have sunk into the home is now gone, never to be seen again, you have to start all over, only this time with shitty credit. On top of that, remember that sub-prime interest rate that bank gave you that shot up? Ya, that'll piss you off. If you are pissed off about losing your home, most people will make it as hard as they can on the bank and the next buyers, as in they take out the frustration on the home. I'm not saying this is always the case, but just think about it. Foreclosures can be good deals if you find the right one, I'm just saying be cautious and check out the home, make sure you have a good thorough inspection done. fcbayern is correct, this is still a buyers market, so there are plenty of good deals out there. My parents moved last year when the housing market was even worse and they were only about to get about 70% of what the home is actually worth in a normal market. He is also correct that location is everything. My parents moved to a smaller, crappier, older house and paid twice as much just because of the location. I know a guy that got foreclosed on and he poured cement in every drain in the house. So before you buy a foreclosed house check the drains No telling how much it would cost to fix since all the pipes are running through the foundation.