As I stated in the earlier segments of this series, one has to do their "due diligence" when purchasing foreclosures. For the most part, the properties are distressed, and the maintenance is 
not on par as compared to other properties in the market place.
One are that can cause huge areas of expense are windows. For the most part, most properties built since the mid-80's are of the double pane construction, and depending upon the age and the manufacturer, the quality will vary drastically. The older anodized metal frame windows, will generally have a myriad of issues ranging from failed seals to broken sash balance tubes. While some of these are repairable, many are not as the manufacturer may have gone out of business or parts are no longer available. Sometimes, it will be far cheaper to go with vinyl replacement windows.
The main problems I find with wood frame and wood sashes is lack of maintenance. Modern 
windows use lumber from sustainable growth forests. Sustainable growth wood is a faster growing plant and the cell structure is not as dense as old growth lumber. Hence maintenance such as periodic priming and painting is mandatory. Once the protective shield of paint has been compromised, it does not take long for wood deterioration to set in. Depending upon how long the property has been setting vacant, repairs may no longer be limited to just the frame, sash and nosing. Hidden structural damage can easily run into the thousands. The trained eye of a good home inspector can point out these issues and help you make an informed decision.
Window defects covers a wide range of issues. I will follow up with part II soon.
Inspecting Foreclosures - Part I
Inspecting Foreclosures - Part II - Exterior Issues
Inspecting Foreclosures - Part III - Mechanical Issues
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Michael,
People who buy foreclosures without really checking them out are penny wise and pound foolish.
Michael: You nailed it with this sentence. "The trained eye of a good home inspector can point out these issues and help you make an informed decision".