Read the last paragraph of my previous post that starts with NO. Sometimes people in foreclosure are too embarrassed to list their home with an agent. I was looking at foreclosures and found a better value through the MLS that wasn't in foreclosure because I was investigating comparable values. But because I KNEW how to research foreclosures, I researched the seller of the home listed in the MLS. It turns out that the house listed in the MLS wasn't in foreclosure but the owners had two other properties that were in foreclosure and a brand new construction million dollar home that they were living in that wasn't in foreclosure but would be soon if the other properties didn't sell soon.
As I said, and so did Lara, you have to look at each property and not make any blanket assumptions. I started my previous answer with NO to specifically answer a blanket question of "Is it really a good buy?"
What you need to look at, is the home a really good buy? Are you protected from the risks?
Some homes are in foreclosure because the home lost value. So if the home bought for $100,000 and the mortgage was for $80,000 and you buy it for $80,0000, you better make sure the home is still worth $100,000. It might only be worth $70,000 now.
Other homes are in foreclosure because the owner had medical problems or lost a job. They may have bought the house for $100,000 and only owe $80,0000. They'll sell it to you for $80,000 to save their credit worthiness and integrity even though the home might be worth $110,000 now. That would be a really good buy. You need to look at each situation carefully.