Yes, it is a good idea to buy a foreclosure; however, as with any property purchase - it DEPENDS on the condition of the property and the amount of money or financing that is available to you. Therefore, if the property is in need of excessive repair - it is best that you get pre-approved for a loan first if you don't have the cash available to handle repairs.
IF you can find a foreclosure that is in somewhat good shape with little to no work required, I would say that would be an ideal purchase. However, if much time, effort, and money is required, I would think twice considering that there is a surplus of properties right now to choose from - sellers are anxious to sell and there are some great properties for buyers in move-in condition without needing to go via the foreclosure path - if one does not want to spend the time, money, and effort that most foreclosures require. In any case, I am confident that in this market, you will find a great deal no matter if it is a foreclosure or not. This is a buyer's market with record low real estate prices.
Enrique, if you are looking to buy in your zip code (60632) near Midway, please let me know. I have worked, studied, and/or lived in the Midway area for over 20 years!. So,if you are looking to buy near Midway, anywhere in Illinois, or the Chicagoland area, feel free to call me, if you are currently not working exclusively with an agent, I would be glad to represent you as your buyer's agent.
I hope the response to your question helps.
Licensed IL Real Estate Broker
Century 21 SGR