(TNS)—Buying a foreclosed home is not like the typical home purchase. In many cases, only one real estate agent is involved. The seller wants a preapproval letter from a lender before accepting an offer. There is little, if any, room for negotiation. The home is sold as-is, and it’s up to the buyer to pay for repairs. On the upside, most bank-owned homes are vacant, which can speed up the process of...