I get asked all the time by my buying clients in the Toledo, Ohio area to show them foreclosed homes.  I know what they are thinking...that they can get a great deal saving thousands on a home in Sylvania, Maumee, Springfield or Perrysburg.  But can they?  I have to answer with a qualified perhaps.  Homes always sell at market value.  A suburban Toledo or West or South Toledo home that is being sold as a foreclosed home has had a few years of spotty maintenance, perhaps intentional damage by the poor person who lost the place, had all its utilities turned off which may have resulted in burst plumbing and likely been vandalized for appliances, furnaces and whatever of value can be stolen at night.  Foreclosed homes sell for low prices because they are in bad shape.  Now if you have the time and expertise or know inexpensive people who can do the work to make the repairs, you may be able to improve the house and have less invested in it than if you'd just bought a home in decent condition.  But, if you are hiring Lowes or Home Depot to come and do the work, you'll have spent more in the long run and have more invested than you could turn around and sell it for.  Local Toledo area flippers have learned that lesson the hard way.  Still foreclosed homes are being purchased, fixed up and rented by many people as nice investments.  But, we Realtors are always looking for a diamond in the rough just like everyone else.