Should I buy a Foreclosure?"Foreclosure" has become a buzz word for buyers today. "we want to look at foreclosures" or "can you send me some information on foreclosures?". I actually send out a list via email of foreclosures in my area that I compile by mining the data on my MLS; looking for key phrases like "bank owned" or "addendum must be included with offer". However, is a foreclosure a smart purchase? It could be, but it may be a bad idea. It depends on your goals and time frame ( how long to you plan on living in the home?) I advise buyers to look at the neighborhood and the surrounding area before committing to purchase a foreclosure, regardless of price. Buying in a neighborhood that is in free fall is like trying to catch a falling sword (timing is everything) If that foreclosed home is in an area where there are multiple foreclosures, I would look elsewhere. Sure the price is cheap, but you can also get cheap tickets to board a sinking ship. Buyers would be better off with a smart purchase rather than good deal... look for a reasonably priced home in a rock solid neighborhood. Tripp MontgomeryRealtor[contact info removed by moderator]September 03 2010 - Camden00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.