Many home buyers are looking for foreclosed homes with the hopes that they'll steal a deal and feel good about it. Unfortunately, it typically takes longer to close a deal if it's a foreclosed (bank-owned) home. If you are not limited on time and don't mind the risk of having to put in a lot of money to fix your home in the short run, a foreclosed home may be a good fit for you. 

For those who are first time home owners and aren't good at fixing and construction, I don't recommend you looking into a foreclosed home, unless you have the capital to hire professional help. More times than not, they are really run down and you can't obtain any information from the previous owners because this home now belongs to the bank. They are not liable to providing any history to you. You basically buy at your own risk.

If you are set on getting a foreclosed home, get ready for a 2-3 month closing period after you've submitted an offer. Sometimes it could take longer than that before you can get the keys and move in.