Although you can get a great price, sometimes, on a foreclosure it can be extremely risky business. As a first time home buyer you should make sure you have the resources in case something comes up after settlement you didn't expect. Foreclosures are sold AS IS, the bank will not warrant anything and they will not fix anything. You can have a home inspection performed, but home inspectors can not find everything, and when a home has been abused, neglected, vacant and unmonitored for a period of time, (6-12 months or more) a lot can go wrong. And unfortunately you might not know until a few months into living there. it can sometimes take a little while to work out the kinks on a unit that has been vacant and dormant for a while. The equipment: hvac, water heater, etc are made to be used regularly and although when the utilites are turned on for a home inspection they may work, after a few weeks you might find there are residual problems.
Foreclosures can be a great deal, but they can also be a money pit and you need to make sure you have the resources to take care of any problems that arise.
Also you might not want to limit yourself to a foreclosure. The most important thing is to get the best house for you! That might be a regular sale, a short sale, or a foreclosure. I would look at everything available to make the best decision.