Foreclosures have dominated the market.  More will hit the market in the months to come.  Everyone is going after foreclosure properties because the prices are low.  Here are some tips:

1.  Carefully calculate your price and don’t get caught up in a bidding war.

2.  Contact the Lenders Directly.  The asset manager at the banks can give you inportant information.

3.  Get pre-approved by the lender you want to buy from

4.  Most bank owned properties (REO) are sold as is.  Banks usually don’t maintain or fix up the property.  So consider buying a home that needs some work.

5.  Get a real estate attorney to review all the documents.

6.  Take your time to make an offer.  Talk to the selling agent to find out when you should put in a bid and for how much.

7.  Visit the property with a contractor to see what needs to be done to fix up the places and figure out if there are any structural problems with the property.