"The safest & best way to buy is when it's a bank-owned property (REO)."

The two biggest mistakes that buyers make when looking to buy a foreclosure are:

Not having financing in place: If you don't have a pre-approved mortgage, you're really not in the market. You have to be able to move quickly.

Not having a realtionship with an REO Broker:  There are many levels of a Real Estate agent, many REO Brokers are also Associate or Principal Brokers.  REO Brokers tend to have the inside track on forelcosures and what is coming availble in the market.

REO Brokers are FREE to the general public. They are compensated by the bank/foreclosure institution.