A foreclosure is not just a foreclosure. Here is a well defined list of 8 different types of foreclosures in Texas, but they can give you a general idea of what you may be coming across as you do some deals.
(Remember each state is different and these definitions are not legal advice.)
Types of Foreclosure in Texas by Business Making Money

Here's another interesting foreclosure market article about a recent Zillow study and what they discovered concerning how foreclosures affect the general market.  It also lists the city with the best foreclosure "bargains"

Foreclosure Home Prices 28% Lower, Form 'Distinct Market …

However cheap foreclosures may be, it is advisable for one to be careful while choosing on a home. Among the many foreclosure homes, a bank owned foreclosure is the most secure property one can invest in fearing no risks. …

Foreclosure Connections Blog Articles And Foreclosure Information …

How To Buy A Lender REO Foreclosure

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