I think buying a foreclosure home is the best way for buyers to get a deal in this market. In Tucson foreclosure homes seem to be 1/2 of the market and there is a ton of competition between the banks to offload their inventories. SO it all adds up as a good situation for buyer. (Not so good for sellers unfortunately)
The key to a foreclosure purchase is to have very good due diligence completed by your agent, inspectors, title company etc. As a buyer don’t be scared to spend some money getting good highly qualified inspectors and specialized inspectors for items you believe need additional investigation IE: mold, plumbing, and/or electrical. If everything checks out look to save 10%-15% vs. what that exact same home would sell for it if it wasn't a foreclosure. (Although to be prepared to put about 5% of the purchase price back into the home in repairs as most foreclosures need "TLC" on a good day and a whole lot more on others..)

__________________
-Michael Oliver

Michael Oliver is a Tucson real estate agent serving clients in the Tucson, Oro Valley, Catalina, Marana, Sahuarita, and Casa Grande areas. Please feel free to search for homes in Tucson and read current updates on the Tucson Real Estate Blog.