You Have to Pay Cash for a Foreclosure - With some sheriff sales, this may be the case, but a lot foreclosures that have been put on the market can be bought with a mortgage.
You Are Not Allowed to Have an Inspection on a Foreclosure - This is not the case. It is highly recommended to have an inspection before buying ANY home.
All Foreclosures Required Extreme Renovations - This may or may not be the case since not all foreclosures are the same. There are a lot of different reasons a home may be foreclosed on and not all need renovations.
Foreclosures are Good Deals - Maybe sometimes with a sheriff sale, but, with most bank owned and re-marketed foreclosures, you will probably pay close to sticker price.
Foreclosures Have Hidden Costs - All homes can have hidden costs. Not necessarily specific to a foreclosure.
Foreclosures Are Risky - There is inherent risk in buying any home. Foreclosures aren't necessarily more risky. It's good to have a professional Realtor to help you know what the risks are in any home purchase so you can navigate through the process with confidence.