And the research involved is a lot, plus the cost of title searches for other senior liens, plus are you sure you want the property?
Do you have an extra 60,000+ in case you have to foreclose (a few thousand in legal fees) and then rehab a house which might be in bad shape? Sure, some rare times it may require minimal rehab, but often it'll require much more, and you won't know without doing research, which is time consuming and often fruitless (considering you said there was 39,000+ sold, where do you start?).
Ending up with the house often is a worst case scenario, cause suddenly you have a liability (you're paying the property taxes, etc.)