A good friend of mine recently bought a foreclosed home that she will eventually flip.
The one lesson I learned from her ordeal is that patience is definitely a virtue when closing the deal. It seemed like she was ALWAYS going to her agent's office to drop off paperwork. As soon as they'd say "okay, this is all we need," they'd need something else.
Also, try to get inside the house before you buy it. She wasn't able to and as a result, didn't know that she'd have to completely re-sheetrock almost the whole house, buy new carpet, and put a new roof on. She luckily was smart enough to pad the mortgage with some money for repairs, but she'll also eventually have to replace the wall furnace before she sells the house.
But for all the troubles, she bought a $75,000 home for $27,000 and the profit will be enough to help her finish her degree, which is what she was looking for.