The pro's - Cheaper since you are getting the price that the bank has invested in the home and is trying to get back instead of a selling price, cheaper price means cheaper monthly notes, and a cheaper price means it can be paid off much faster than a more expensive home. Con's - you buy the home as is - the bank is not going to do any repairs to the home before you purchase it, you have less choices of homes and areas to live in, and you pay all the closing costs most of the time.
Yah, could be a good deal, but have it checked out, because anything that's wrong will be your problem, and that can be huge. If you can afford it, have an inspector check it out. There are deals out there, just don't be caught being naive.
what are closing costs??