Make sure you have an attorney look over your closing papers EVEN if it means you can sign on the dotted line on closing date. Friends are having to deal with something that didn't show up in the closing papers that should have(deeds & restrictions) the foreclosing bank attorney totally 'skimmed' by the only piece of information that might have brought that to someones attention. Take the time to have someone knowledgeable look at the things that could be costly to fix in an 'as is' situation. Broken plumbing, roof, heat source, well, the big stuff. I think it's a great way to get a home you just need to do your homework.