Unfortunately, during this harsh economic recession, there are foreclosures galore. Many are looking into buying foreclosures either as investment or as a primary residence. Some foreclosures are not great deals though.
KNOWING THE FORECLOSURE MARKET
Be Ready to Work Fast
In the foreclosure and pre-foreclosure market, you need to work quickly. No one is going to stick around for you to take your time. Get everything in order so you can close a deal fast.
Pre-foreclosures vs. Foreclosures
In a Pre-foreclosure the owner is still in control and may be more willing than the bank to lower the price. In general you will find the best deals at pre-foreclosure stage.
Work Out Your Finances In Advance
Because you have to work quickly, before you begin looking for a distressed sale, make sure you have a handle on your monetary situation. Know your budget in advance. Work out how you are planning on paying for the property in advance. You should also consider getting pre-approved for a loan
Finally, learn as much as you can about local neighborhoods you are considering. Study pricing trends so that you can spot a good deal.
You will need to look at many foreclosed and pre-foreclosure properties to find a great deal and be ready for tough competition. Today, everyone is looking for a deal.