$140K Green Lake house - media hype?

[dls]

A few days/ weeks ago there was some media 'buzz' of a foreclosed house in the Green Lake area being auctioned off for ~$140K that had a 'real' street value of closer to the $400Ks (more or less). Last I heard it didn't sell (not sure why). I'm curious as to whether such 'deals' are the exception with foreclosures/bank sales, or the 'rule'. If such a place was structurally sound, but needed stuff like paint, fixtures, yard work, etc, that could be done over time, then perhaps they are worth looking for. If such a 'deal' just needs to be burnt down, then perhaps they are not such a 'deal'.