[amyflag]

So, I'm in the process of renting an apartment, and I'm seeing a lot of ads on craigslist, etc. for foreclosed houses supposedly with really low payments, no down payment, no credit check -- like, significantly cheaper than rent on an apartment usually is (i'm in southern california). i'm honestly a bit naive about things like real estate -- is there a way of knowing if these offers/companies are valid, and if they are, is there a downside to doing this? it seems it would be insane to rent a smaller place for $500-$800 more a month if these are for real. thanks!!
Update: Thanks for the article. I suspected some kind of scam. However, I know now is, in fact, a great time to buy a place, and my boyfriend and I could financially do it if we got a good deal. What is the best way to find a VALID listing of foreclosed homes/condos?