Did you follow your mother's advice and stash some money for a rainy day? If so, you're probably looking around at the world of possiblility that surrounds you right now - especially when it comes to real estate. As foreclosures become more commonplace, more and more average Joes are getting into the game and snatching up homes for bargain prices. But, there are some things you need to know if you're going to try to take advantage of the abundance of foreclosed homes out there right now.

According to Money Magazine, here are the top five tips to buying a foreclosure...

1 - Find the listings. Many banks see foreclosed homes through real estate agents now, so call around or head to the web to find listings in your desired area.
2 - Buy from a bank. It may be tempting to snatch up a home before the bank has taken possession, but hold your horses. Buying through the bank will allow you to inspect it beforehand and finance it with a mortgage.
3 - Have a contractor inspect the property. You might be excited at the idea of a fixer-upper, but it's best to get a pro's opinion on what you'll be spending on the fixer-upping before you buy.
4 - Put on your bargaining pants (or shirt, or glasses...). Some foreclosures may still be listed at market value, so if you're looking for a steal then you've gotta be willing to deal. Money Magazine recommends going in at 20% below the list price with your first offer.
5 - Be patient. If you're lucky, you'll hear back quickly. But it's more likely that you'll be waiting for a while. Many banks are dealing with a backlog of foreclosures and not enough staff to handle them, so be patient, follow up and have some alternate properties in mind if things don't work out with your first choice.

For more info on buying foreclosures, click here.

To find Chicagoland foreclosures, click here.