From about.com, this is one of the most educational video there is on the internet about foreclosed properties. Spend a few minutes watching the video and learn from what she says.
A wise take away from the video:
“You need to know that a bank-owned foreclosure home may be vandalized or stripped by the angry home owners so it will be ‘as is’. If something breaks or malfunctions, the current owners will not fix it. They previous owners sell appliances or try to destroy a home by flooding it.”