Foreclosures can be a really good deal in the Memphis area. There are two ways of buying foreclosures. What people traditionally think of as a foreclosure auction on the courthouse steps isn't the best way to buy residential properties. Tennessee allows lenders to bid on houses they are auctioning off up to the value of the loan. They can then resell these as Real Estate Owned (REO) or REO. This is the foreclosure listing you see in the MLS.
This leads to less dramatic savings but they are still good deals since banks don't want to hold the inventory. The good part is these are fairly standard sales thought the banks can be picky about the process in some cases. The bank will also have handled the evictions and nasty part of the process. Here are some recent REO listing.