Is it possible to buy foreclosed properties?

Yes, it is definitely possible to buy foreclosed properties. 

Once a property is foreclosed on, it is now owned by the lender/bank that gave out the original mortgage on the property. Typically, a foreclosed property is called an "REO" which stands for Real Estate Owned. Kind of an odd name, but it just means it is now owned by the lender/bank. Typically, the downside/annoying thing with REOs is that it's difficult to get an offer price accepted lower than the list price of the property on the MLS. This is because the banks usually take their time when selling their foreclosed properties. For example, a bank may have a property on the MLS listed at the price of $200k and they may not take any offer lower than that. Then, if an offer isn't received at the full price they want, then 30-60 days later they may reduce the price to $195k or $190k, and then wait another 30-60 days before reducing the price again. Keep this in mind as you pursue foreclosed (REO) properties. You are dealing with the bank as the seller of the property and not a normal motivated seller!