Please Help Me Get Started In Foreclosures
I'm located in Chicagoland, and I'm looking to get started in foreclosures/pre-foreclosures. I picked up a copy of the Chicago Daily Law Bulletin, and there's a section on foreclosures under New Suits. Are these homes in a pre- status, or is the foreclosure already happening? I also noticed a Public Notices section regarding homes that appear to have been already foreclosed, as mentions the judgement amount and a date/time/place of public auction to the highest bidder. Can anyone shed some light on what I am looking at? 
What do I need to do in the case of an auction? I am very much a newbie, who's just starting to explore the different possibilities and paths in REI. I'm joining my local REI club to also help me get started, but I'm so excited to learn, I can't wait until the next meeting. Any good up-to-date books on the subject? Thank you for your time. 
Ok, well as far as books go to Amazon, the book web site, and search for books about real estate. Some even have to do exclusively with forclosure. I spent 60 dollars and got about 5 good books, some on basic real estate investing and others on the foreclosure process. As far as the listing about auctions, do some more research before you go to one of those for a house. There are stipulations that you must watch for and other things that I don't understand as of yet. Do an article search on the top of this site and you should find something on this topic. As far as pre-forclosures, you can go down to your county courthouse and ask the clerk there to help you find the pre-forclosure listings.
The Ghini
Thanks Ghini... those are good suggestions. I will look into how to find information at the courthouse. I also found that not only is Amazon good for buying books, but the used and out of print section of it, and of barnes and noble is good too. I've bought about 10 books already for about $100, so I think I'm off to a good start.
I also spoke to my attorney today, and she informed me that the section of the paper I was looking at were homes being foreclosed upon already, and to get more information I should contact the law firm that's dealing with that. What questions should I be asking? And for these public auctions (I'm thinking about just checking one out), would I need to get a financing deal to be able to participate? Could someone help steer me to a specific book/article? Or email me? Thanks again Ghini...
Well, if they are already foreclosed upon, send a letter to the lender that owns the home that includes some information and a bid. Depending on the lender, they might be more than happy to accept your offer, even though it might be discounted off what would be considered a low price. Questions include all the regular questions you would ask when buying the house. As far as the auctions, I believe you need cash to participate. I am not quite sure, as I have not finished the books on foreclosure that I have. Speaking of specific books, as you asked, How To Buy Foreclosed Real Estate by Theodore J. Dallow and Keys to Buying Foreclosed and Bargain Homes (Barron's Business Keys)
by Jack P. Friedman, Jack C. Harris are the two I own on the subject, both available on amazon. The latter is a bit wordy but still full of good info. However, if I could only buy one, I would get the first which is put a little more simple. Just my experience though.
The Ghini
IMHO, if you take out time to read online in this forum, and other free resources online...you will gain enough information to get you going. Remember if you are reading and learning and reading...you might get a case of "paralysis by analysis"!
I started out by making my own word document "book" where I stored all relevent information and research that I do on the topics I have questions about - and viola - you have the ability to become an educated investor in no time.