Many real estate agents are now offering three-hour guided tours of foreclosed properties in a range of sizes and prices.

These tours are a surprisingly good way to see a wide variety of repossessed homes in a short time. People looking for a bargain can definitely gain from investing an afternoon.

But don't expect to make an offer on something you see that day. Use the tour to gain a general sense of what's out there.

Remember, the bus will only take you to seven or eight properties. On the tour we took, asking prices ranged from $145,000 to $519,000.

Use the tour to identify one or two of those homes that comes closest to what you're looking for. With that as a guide, the agent will locate seven or eight similar homes for you to choose from.

Buying a foreclosure can save you money -- 10% to 20% over comparable homes even after you make any needed repairs and renovations.

If you're in the market, take a look at our 10 smart moves for buying a foreclosure and 8 rules for making the most of a foreclosure tour.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.