Buying a foreclosuers is usually not recommended especially for the first time buyers. Because if the owner didn't have money to pay off the mortgage, chances are they didnt have money to take care of the home either. Home owner usually trash the place and try to sell wat ever they can from bath tub to the kitchen sink. However, with the current market there are so many foreclosures that it is possible to get a good deal.
Foreclosure homes are not sold as "closed" property, you can always inspect it when buying, so if the place is trashed you can always get some estimates on how much it will take to fix the place then bid accordingly.
Foreclosures are not necessarily because people are "poor" in their head (re: trashing the house) but there are level-headed people who lose the house for many other reasons.
My friend bought a house in very nice and clean condition.
The "con" of buying a foreclosure property is "ethical", if you can find some comfort from the thoughts "I bought a great deal out of someone's misery".