Buying a Pre-foreclosure for first home

[Logan Clark]

The market I live in is extremely hot right now , and houses are selling above asking price (which is already inflated). My wife and I would prefer not to over pay for our first house, which we plan to live in. We are currently renting, but would like to own a house instead. We are currently studying pre-foreclosures, but have zero experience in dealing with them. I imagine most pre-foreclosed homes would probably require some amount of rehab, which we would be willing to do if it is a very light rehab.

Would anyone recommend AGAINST buying a pre-foreclosure as a first time home buyer? Is there anything that we should be aware of beforehand?

Thanks!