In addition to the usual tips for buying a property,
1. Use web sites such as www.redfin.com, www.realtytrac, www.foreclosure.com.
2. Use a broker who is familiar with REO (Real Estate Owned) properties in the area.
3. Watch out for repair costs. Foreclosed properties could have been neglected and the prior owner was not able to upkeep it.
4. Don't consider only the price, first consider the location. This is especially important because you and your family members are going to live there.
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