It can also mean a shorter Escrow and you won't have a LOAN CONTINGENCY.
If it is your principle residence, you will the Tax deductability of the interest on the loan.
It will mean more EQUITY in the property which might serve you down the road.
If your Equity is at least 20% you won't have PMI
Foreclosures are generally 20-30% cheaper than "regular" sales, but they ofter need some repairs.
The neighbors like it when a Foreclosure is bought because the yard has been neglected
Don't forget, that with a Condo, you get an HOA in the deal. (I am not a fan of HOA's). If you are thinking about this, go out to the complex, walk around and meet residents and ask them about living there and the HOA. Never more important than this senario.
Please contact a local Realtor to protect and guide you.
Good luck and God bless
Real Living Southland