Buying Forclosure Property

I have been looking recently at properties that are under foreclosure and I like what I am seeing. For instance, I found .34 acre of 4x4 recreational land for $47,500 in North Carolina on Outer banks foreclosures, and a beautiful private island in the pacific for $60,000. There was also a beautiful 2 bedroom condo in Nicaragua for just $125,000.

For those prices, I could scoop me up a couple vacation spots and be set for life. Of course, then I guess I would need to get a pilot's license and buy a small plane just to get myself there. But even at that, it may be cheaper than regular vacations!