If foreclosed homes are so cheap and such a good deal, why do people by regular houses at all. I was so pleased to find this — Foreclosed homes may or may not be available in the neighborhood you want. If they are, they may have been sitting vacant for some time, and homes sitting idle seem to deteriorate rapidly. Another problem is that some people, knowing they are about to be foreclosed upon, trash the house for spite, so you’re getting a “deal” with holes punched in the walls, broken windows, ripped out plumbing, and sabotaged air conditioners. Most foreclosed homes need so much rehab that the average home buyer can’t afford the house and the repairs, too. Then there is the problem of the complicated paperwork. Will the bank or lending agency holding the lien approve you? If this is a tax sale, does where you are buying require you wait two years and one day to apply for title? More aggravation than the average person wants to experience. Buying a home is difficult enough when it is a smooth, seamless transaction.