Hunting for Foreclosures
I looked at one yesterday, nice home-raised panel oak cabinets, large yard, quiet neighborhood and $20,000 under-priced.

This is SO common in the current marketplace. Investors are foreclosing and as fast as they can foreclose, they are dumping the homes on the market as "bank-owned foreclosures" and often pricing them $10-20K below where the appraisals or Broker Price Opinions (BPO) place the value.

This is causing bidding wars and multiple offers on foreclosure homes, sometimes 10-15 offers with sell prices often $15-20K above asking price within the first week on the market. Looks like the tactic is working.

A few things to be aware of with these homes:
1) The bank won't promise you the appliances, even if they are in the home when you place your offer
2) The bank will deliver a "limited warranty deed" warranting a clean title only for the time since they foreclosed
3) Look for damage that you will need to repair once you close. The home I looked at had holes in the vinyl siding, likely from hail damage.

Be prepared to make an offer quickly and think reasonably about what the true market value of the home is when you make your offer as you will likely be competing with other buyers.
Happy hunting!