Pros and Cons to purchasing foreclosures

[Steve Dowding]

I am a new investor. I currently own one rental property, and I'm looking to purchase another property. However, I'm interested in purchasing a foreclosure in hopes of making a greater profit.

Can anyone share the pros and cons of buying foreclosures? Also, do you have to have only cash to purchase, and can you purchase a foreclosure directly from a bank, or does it have to be at an auction?