How do you research and evaluate foreclosures?

[Shaun Caldwell]

BPers, I was driving for dollars and came across a vacant property with a hand written bandit sign in the front yard that listed a phone number and the word 'foreclosure.' I plan on calling the phone number on the sign but want to be more educated about the property and the circumstances surrounding it beforehand which leads me to my questions...

How do you research and evaluate foreclosures?

BTW, per our tax assessor site, the property is owned by a company based on the west coast; however, the number listed on the sign is local.