Bank foreclosure sales

Everyone is surely fully aware that the Credit Crunch started with bad mortgage selling and has resulted in a ton of foreclosures on properties that now have to be sold off. What I hadn't fully appreciated is that there are Realtors out there who actually specialize in Outer Banks foreclosures. This is a new phrase for me, but actually represents a potential considerable investment opportunity in times when it is difficult to get a good investment return. You may be concerned about benefiting from what could be perceived as someone else's misery, but if the property has already gone to foreclosure then the deed has already been done so to speak. The real culprits in the Credit Crunch were the agents that sold mortgages to those that were in no position to buy. This error was then compounded when the big banks started buying up the bad mortgages.
The reality is that if you have spare cash, then this could be a good time to buy property, the best property buys are cheap and not involved in a chain of buyers - and foreclosures certainly meet this criteria.