Using HML to purchase foreclosure, then resell at market value?

[Huck Gibson]

Perhaps I am missing something glaring, but does this strategy work? 

- Purchase preforeclosure or foreclosure for well under FMV using cash from a HML

- Give minor updates to the property, or simply turn around and sell the property at FMV, walking away with the difference.

My wife is a realtor, so we would receive comission on the buy side, and save on commission for the sale. Obviously the HML will be charging their fees and rates, but if this netted out to our benefit on paper, is there a reason we cannot do this?