Buying a home that is going into foreclosure requires navigating a multi-stage legal process. The approach differs significantly depending on whether the home is in , headed to a public auction , or has already become bank-owned (REO) . 1. Identify the Foreclosure Stage

Because of the legal complexities and "as-is" nature of these sales, professionals are essential:

The home is sold at a courthouse or online to the highest bidder. This usually requires all cash and offers no chance for interior inspections.

If the home doesn't sell at auction, the bank takes ownership. These are listed on the MLS and can often be purchased with traditional financing. 2. Assembly Your Team