Questions about buying a foreclosure home in Michigan.?

My cousin is thinking about buying a foreclosure home to live in, not flip. She has the neighborhoods picked out and will wait until one of those houses go into foreclosure. How much cash do you need to come up with? Is it like taking out a regular loan for a home? There are a lot of stages to foreclosure which one will give you the better price (pre-foreclosure, bank owned…) ? Is the price you see the total price or are there hidden cost? Could you end up buying a place with a lean on it? Thanks.

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