Is a $10 REO worth it?

[Joshua Morris]

I live in a town where there is a predicted oil boom, already the housing prices have gone up at least 20k over the past 2 years. I am looking to find cheaper bank owned real estate to at least get my feet in. I found a couple of REO's that are transfer priced at $10 could anyone shed some light/insight on the REO purchases process and if these would be worth scooping up for the time.

Thanks in Advance

Josh M.