Does anyone know anything about buying Forclosures??

I always hear things about forclosures and how cheap they are, but I honestly don't know anything about them. Can just anyone just buy a forclosure, or do you have to be a realtor in order to purcahse one? How do I go about looking into buying one? Are their certain restrictions, etc. that I need to know about them?

Please FM me if you have any details you could possibly give me. Thank you

anyone can buy a foreclosure.

what ususally happens is when the is going to foreclose on the house - the owners try to sell it first. if they dont sell it, bank forecloses on the house - they have an auction - but you usually can't go in the house, you have to just bid.

if no one bids on the house - then the bank owns it (called REOs)

i almost bought an REO - the bank had an R/E agent - so we were able to see the inside - it definitely needed work. in hindsight we should have put in a bid, but we didnt.

if the bank auctions off the house, and the poeple dont want to leave - its up to YOU, the owner, to kick them out - which is an awful situation.