Foreclosure in Our Neighborhood

[Chris V.]

We noticed a house in our neighborhood had a yellow paper taped to the front door for a few days, and it doesn't look like anyone's living there now. We live in a quiet, safe and affordable neighborhood. I'm interested in trying to buy the house. Any issues you guys see with owning a rental in your neighborhood? Also, how would I go about asking to buy it before its foreclosed? Drop a note in the mailbox? Does that even work?

I assume that whatever we offer will likely get declined, but just thought it'd be a good chance to try something that makes me hella-uncomfortable, and that is trying to buy someone's house who hasn't listed it for sale.

Thanks in advance for any thoughts/experience, and hope I don't offend anyone.