10 myths about buying a foreclosed home

A recent survey of American adults by Trulia.com and RealtyTrac found that almost everyone believes foreclosed properties offer deep discounts, as well as giant repair bills -- and many assume they are very risky deals, as well.

Trulia's consumer advocate, Tara-Nicholle Nelson, tells WalletPop that's not necessarily the case. But, she warns, "Like everything in real estate, risk and reward are proportional: the big potential reward comes with big risks."

Nelson set the record straight on the 10 most common myths based on the survey and her own experience with bank-owned properties as a San Francisco Bay Area real estate broker.