What is the process for buying a foreclosure?

[Erika Geoffrey]

Hi all,

Does anyone purchase foreclosures? What is the process? I'm from Canada where we don't really have foreclosures so I'm curious what the process is.
Do investors typically stay away from these?

[Chris Seveney]

@Erika Geoffrey

One thing not mentioned is to review title prior to bidding on a foreclosure. You need to know what your bidding on (google man buys strip of land at foreclosure). The loan also could be in second position or the state may have hoa liens take a super priority

So there is more to just bidding on it at foreclosure. You need to learn how to do the due diligence to make sure you understand all factors involved (as well as is property occupied). If occupied then you will eventually need to evict