Lils,

Due Diligence, Due Diligence, Due Diligence. Assuming you are buying a Foreclosure at the Courthouse Steps, you should do as much homework on the house as possible. When you buy at the steps, you are buying "As-Is" and it is Cash and carry. If the current loan balance is $140k, then after legal fees the opening bid will probably be in the $145 - $150k neighhorhood. If the house has equity, you will probably bid against a few investors. You must have a Cashier's Check... I recommend taking a check for $145k and then smaller checks for $5k in case the price gets bid up.

Check out my Blog regarding Foreclosures and you will get some more tips... email me with any other questions you may have.