Emmanuel-
I've done this for myself and for clients. (I'm an attorney and realtor). Although it is a great way to get into properties at a below market price, you really need to do your due diligence before dropping your cash into a foreclosure. In addition to the strcutural issues / conidtion of property, you really have to look out for title issues, especally liens not extinguished by the foreclosure. These can include tax liens, other municipal liens, prior mortgages or parties not appropriately joined in the litigation by the foreclosing attorney. It could be a really bad day if you suddenly "find" a lien on your house that you did not think was there a week prior.
If you've got any friends who are real estate attorneys, take them out to pick their brains about the specifics. But please, Please, PLEASE make sure that they are really real estate attorneys b/c otherwise, you are going to be more confused then when you started.
If you have any other questions, feel free to email me directly -
amkotlar@comcast.net
btw, I'm in NJ, so I'm really familiar with the system/ law here, but may not be able to be very specific about the jurisdiction that you are in if it is not NJ.
Good luck
Adam