Buying bank forclosures?
 

Good idea or bad idea? I don't really understand much about and I'm trying to do research on buying my first home, and it LOOKS like a good deal but I don't know anything about it, and I would like to get it straight from people who aren't going to bullshit me. Thanks!

If this is going to be your first purchase, I would say bad idea.

Foreclosures are complicated and the laws vary from state-to-state. If you have access to a real estate attorney or RE broker they will be able to help you out but the learning curve is steep.

Check out the foreclosure books at the bookstore. That will give you some basic knowledge of the process.

Good Luck.

Buying foreclosures from banks can be complicated and they can get ugly. Buying from the VA, HUD, Department of Agriculture, and other governmental agencies is far easier and safer as they generally hold the deed free and clear of any other mortgages and liens.

Thanks for the info, I'll make sure to steer clear for now :)

do you feel this (bank forclosure) is the same as what they refer to as REO (or Real Estate Owned) by the bank or are those different?

Indeed, REOs are simply forclosed homes owned by the institution that was holding the mortgage, generally a bank.