Forclosures tend to be more laborious to get to settlement, so patience is required, as is the realization that houses need care and upkeep. A home that has had a cash poor owner may not have received regular upkeep and some systems may be in disrepair, you must consider how this affects your investment, and your idea of a bargin.
Generally, buying a foreclosure is more difficult in that there may not be a halfway reasonable human seller on the other side. Instead, the bank is represented by a "asset manager" who is limited in his actions by the instructions given to him by the bank. Also, the listing agent marketing the property may seem less responsive but this is primarily due to the volume of calls they get. Just make sure you have an experienced and trustworthy Realtor in YOUR corner.
Sometimes yes and sometimes no which is why whether it is a foreclosure or not you should always be a home inspection done. Plus use all of your sense when view a home--it something doesn't "smell" right it probably isn't and should be checked out. Also in some cases a foreclosure has been stripped--I've seen everything from appliance to tile removed. The process of buying one of these "bargains is very similar to a regular purchase--and usually in the case of a foreclosure, unlike a short sale, you will usually have an answer within 2 to 3 days from the lender.