There is no "catch" on foreclosures. If the sale is conducted by the government you would be responsible for the back taxes and any liens on the property, hence the term "pennies on the dollar". If the sale is a short sale the bank would have to accept your offer and the process takes much longer than a conventional purchase. Buying a foreclosure can prove to be quite profitable but may also prove to be more trouble than they are worth. Often times the homeowner will take anything of value from the home, to include ripping the copper pipes out of the walls. Short sales are the way to go.Im no real estate expert.... some of these things are cool to look at though..... what's the catch on foreclosures?