How does that work. Do you have to pay cash to buy?
Several ways, buy from the bank, or the home owner before he goes under, or from the sheriff's auction. The first two work almost like any other deal.
"How does that work. Do you have to pay cash to buy?"
No, you don't. But, there are pitfalls to buying foreclosures, mostly related to owner neglect. Title insurance is a must, too.