The home next door to my rental was foreclosed upon and I may want to buy it... help a newb learn how to proceed

[Paul J.]

Hi all,

I just found out that the property next door to my one and only investment property wass foreclosed upon last month. I know which bank foreclosed upon the property and I also know that the home was built just before the crash and was very deeply underwater in a marginal market prior to foreclosure.

For the right price, this would be great for me to be able to control this property and consolidate holdings in the neighborhood.

So as a greenhorn, how would I approach this situation. My first instinct is to phone the bank and inquire but im not even really sure who to ask for. Id like to make a cash offer withthe hopes that the bank may like to wash their hands of the property but I'm not even sure if this is something that happens without an auction.

Any feedback is greatly appreciated!