We purchased a foreclosed house and without a lot of information available, the bank is no help at all.  You have to really dig and look and relook again at everything.  Even simple things.  Be prepared that there will still be things you didn't see or know about until afterwards.  Our biggest resource...the neighbors!!  Ask around before you buy, we were amazed at the knowledge total strangers had of our new home.

My fiancee & I have bought several homes in foreclosure, and there's one tip I'd like to pass along to people when considering a specific location....

Call the local Sherrif's department, give them the address and ask how many calls they have had to respond to in the neighborhood in the last year....

This gives you a good indication of the crime rate and noise level of your target neighborhood....

While it's no guarantee, a heavy law enforcement call rate can be a HUGE factor in determing how safe your family may be in that "awsome" foreclosure....