Basic Info For Newbie
I'd like the basic rundown on buying foreclosures. I'm a landlord now, but would like a new angle in REI.
From what I can tell, you find a property on which the owners are behind on the mortgage (therefore the foreclosure) and you buy the property from them before auction or from the bank at auction for whatever is owed on the existing mortgage (plus a bit more?). But how do you find the properties? How do you know what it's worth? How do you approach the owners before auction? Do you use financing to make these purchases, or do you have to go in with cash?
I'm in Idaho - any info specific to Idaho would be especially helpful.
Thanks
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