RIGHT NOW, IT'S anyone's guess when the housing downturn will finally hit bottom. But if you're looking to buy a home now - and plan to stay in it for a while - there are plenty of bargains to be had on a foreclosed property.

Banks are often willing to sell foreclosed homes for up to 20% below market value just to get these troubled properties off their books, says Rick Sharga, vice president of marketing for RealtyTrac, a web site that lists foreclosed properties. With foreclosures at an all-time high in the past year, there's no shortage of these opportunities to pursue. However, prospective buyers should know that closing on that super-cheap distressed home is often a lot more complicated and risky than buying a home that doesn't have all of that financial baggage.