Buying foreclosed homes for dummies. To help you navigate this minefield, here are 16 tips to keep in … The owners have the right to sell the house at any point before the auction. Buying a foreclosure is different from a regular real estate transaction. A foreclosed home is where someone has lost his or her home due to … Another option is to buy a home from the owners before the foreclosure. Buying a foreclosure home could seem like a quick way to purchase an affordable home, but there are many pitfalls and things to be aware of. Even better, they’re probably highly motivated and you could get a great deal by helping them prevent a foreclosure… Buying a foreclosure can save you some cash, but it comes with risks. If you pursue a foreclosure, it helps to have a "stomach of steel," says David Reiss, law professor and research director … The foreclosure process is lengthy and can take several months. Some banks require potential buyers to submit an "offer package" … Understanding 3 types of foreclosed homes. You may be asking what the benefit is in buying foreclosed homes for dummies. As a buyer looking at foreclosed homes, you may find properties in one of three stages of foreclosure… You have to submit your offer to the bank, instead of the homeowner.