How much time do you have?
Foreclosures, short sales and pre-foreclosures in our current market have been known to take up to a year to close. And that's at full listing price with a cash sale.
It is a great investment strategy to buy a foreclosure. You will undoubtedly get a great price. But, the honest answer is How much time are you willing to spend?
If you've got the time, then yes!