Sure. I don't know what waiting has to do with anything, but if you checked your 3 credit reports and the foreclosure is not showing on any of them, now is a good time to do it,
What you should know however and this is something that most people don't seem to realize is ======
Once the bank forecloses on your home, they get a default judgement from the court for the difference between the amount you legally owe on the original mortgage note and the amount that they sell the home for.
If it is a local bank, they will come after you for that judgement sooner rather than later. If it is a national company, they are waiting until the economy improves but they will come after you for the difference.
The point of this is, they will put a lien on the new house you are buying ----- UNLESS you title it differently than the mortgage docs of the foreclosed property.
Otherwise you may be surprised 7 or so years from now, when you come home and find your door has a sheriffs notice taped over it .