Please Help!: The Foreclosure Process

[Chris Swindle]

Hey all, 

I was hoping all of you smart investors could help walk me through the foreclosure process. I don't mean buying a property that is REO owned, I mean actually trying to buy properties before the bank gets them. In my experience, I have been seeing some pricing discrepancies recently in some neighborhoods I look at. Basically, a home will have gone through the foreclosure process, the bank will take it back at say $70K and then put it on MLS for $75-80K, which will then sell quickly. So some deals are there to be had. Could anyone help explain the process of 'bidding on the courthouse steps'?