I like buying bank owned. Unfortunately, there are not many of these available anymore, and there seems to be a lot of investor interest right now. The last one I bid on had 15 offers. What are you looking for?
Pros...price.
Cons...depends on when in the repo cycle you buy, but mostly condition and transaction headaches.
If foreclosure is imminent you are dealing with the owner who probably has no money for maintenance and may not have enough equity to be able to sell without a short sale.
If it already at sheriff's sale, you will be buying sight unseen unless you break in. And you will receive a sheriff's deed.
Bank owned is much easier transaction although can be slow. You will receive some form of limited warranty deed.