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.
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Stockton, CA is named the foreclosure capital of America. In 09/2008, 11,000 homes or 1 in every 25 homes in Stockton is foreclosed.
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