[McLovin]

I assume you are talking about a true foreclosure sale, i.e., buying at a foreclosure sale (as opposed to buying a post-foreclosure bank owned property, or doing a short sale, etc., all of which is very different).

I bought a +$1 million property at a foreclosure sale on the courthouse steps.

It can be a pretty stressful process, too many things to list. But, you have to have the cash on hand at the sale, in full. So that's tough for most people. You have to be prepared to travel to the sale (with the money, in cashiers' checks) several times, as they usually get postponed multiple times. There is a limited inspection ability (usually). There is no guarantee as to liens, title, etc. There is no escrow, the sale occurs on the courthouse steps immediately. There is very limited recourse if something goes wrong or is not as expected.

In short, it's nothing like a regular sale, which has an escrow, normal due diligence, title insurance, etc. etc. It's far more risky, with many pitfalls for the unwary.