Anyone with REO / Foreclosure Experience?

[mheisig]

So the wife and I are looking to buy a house sometime in the next 4 months to 2 years. Yes, a long timeframe I know. Currently we are renting but have no lease length obligation, so we can stay as long as we want and leave when we want.

I've been looking into bankruptcy homes, foreclosures and REO properties recently - has anyone had any experience with these? Any advice, tips or good resources?

I've done plenty of home remodeling in the past and would actually prefer something that needs SOME work but is perfectly livable from day one. Looking at some online sources it looks like there are dozens and dozens of bankruptcy homes in the area we'd like to live.