Buying a foreclosure on the courthouse steps is one method of purchasing homes below market value, but you will need to know how to locate these properties, you will have no disclosures, no termite report, no preliminary title, and have no home warranty. You are forced to purchase the property sight unseen and gamble with your money. You will also have to research things like back taxes, liens, and back association dues. In some cases, worry about how to evict the current tenants or owner from the property. And as if that weren’t enough you must have a cashier’s check for the total amount of the winning bid at the time.