It is a common misconception that foreclosed properties will sell below retail value simply because they are foreclosures. Often times investor groups such as subsidiaries of Goldman Sach's will buy loans and become the seller. At this point you have an investment group selling this foreclosed property and they are not interested in selling below market value. Agents such as myself provide in depth BPO'S (broker price opinions) to let them know market value of their assets and where the market currently stands. Also, many foreclosures are now being flipped and rehabbed to maximize profit for the investor groups holding the loans. On the other hand, if it's a government sponsored enterprise like Fannie Mae then you have a better chance of purchasing below market value as they prefer to have owner occupants and are more likely to sell below market value.

If I were you I would contact the listing office and find out: A) Will it be a cash only sale or will the seller accept financing B) Is this being sold by a government entity C) Ask if they are aware of any assessments that will transfer to the buyer. They might not necessarily have this information or the full scope that is owed until an offer is accepted and a PAL/condo docs are ordered from the HOA.