First Deal: foreclosure = too crazy?

[Luli Passet]

Hi everyone,

I'd love to hear your opinions about this.

I'm looking for my first deal. Here in NJ property prices and real estate taxes are insanely high, so I'm considering Fannie or Freddie foreclosures.

1) does anyone have experience acquiring a property through Home Path or Home Steps?

2) what is your overall opinion about getting one's first deal through the foreclosure process? Is it more dangerous/riskier than retail purchases? If so, why? what exactly does a newbie need to watch out for when going this route?

I will appreciate any insights your guys can help me with.

Thanks in advance!

Luli