what to look for with foreclosed homes (buying)

[Bryan K]

With the home marketing being that of a "buyers" market versus a "sellers" market, I have been considering the idea of (at some point in 2008) getting rid of our current ranch style 1600 sq foot home and upgrading to a bigger one as my family grows. I have been considering looking into Foreclosed homes as I can probably get a decent home for a much cheaper price then market value.

So, with that said...does anyone here have any tips (from the standpoint of a buyer) on what are things to look for in a foreclosed home. I am reading the "stickies" btw as well here.

Such as:

When looking at websites that show you foreclosed homes in your area, they show you the market price and then the "Repos amount". I have seen homes of MKT value: $190,000 going for REPOS value: $100,000. On the flip side, I have seen homes of MTK value: $190,000 going for REPOS value of $230,000...even though they are in foreclosed state I believe.

I guess, are there any patterns or things I should specifically be aware of when looking into a foreclosed home?

I don't mind using those Foreclosed Home Search type websites....I just want to know if there is a "best" practice I should follow when searching and determing which ones are "winners" and which ones are "losers".

Thanks