how to bid on foreclosures - Zillow Real Estate Advice

A bid on a foreclosure is done at the courthouse where the auction is held. It is not for those not familiar with the auction process of completing a foreclosure transfer. Normally the banks buy them because they require cash. Once the bank buys it at the auction they are now owned by the bank and are no longer called foreclosures but are called bank owned or REO homes and the bank sells them via the MLS to anyone wishing to make an offer with a Realtor involved.

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Source: http://www.zillow.com/advice-thread/how-to-bid-on-foreclosures/474555/

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