These foreclosure sales, which are often conducted in local courthouses or government buildings, are often advertised in local newspapers and public areas, as well as on Foreclosure.com.

Sheriff sales offer unbeatable opportunities to score unbelievable deals -- up to 50 percent or more off current market value. That's the reason sheriff sale environments are often so competitive and sometimes intimidating ... especially for first timers.

Bidders are typically expected to be approved before the auctions begin because they must be prepared to make down deposits on the spot (percentage amount varies by jurisdiction) once the sales end. Settlements are also expected to be complete anywhere from 10 days to 30 days, meaning that time is of the essence.

Otherwise, bidders could lose their entire down payments if they are not prepared to settle by the due dates. In short, sheriff sales have tremendous financial rewards, but there are risks. Be sure to know what you are getting yourself into and do your homework on the properties, as well as the local auction process, before getting your feet wet.

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