Buying Foreclosures, best strategy

[Jacob Blake]

Hello All, 

My wife and I have decided to get in the real estate game and have recently began looking into foreclosures. I know it requires a lot of homework and due diligence.  Would it be wise to hire a real estate attorney for all of the “dirty” work?   What are some good foreclosure strategies?

[Corby Goade]

Foreclosures are'nt what they used to be- many new investors think it's a fast track to an amazing deal. 

Many banks just hire a broker and sell their foreclosures off on the retail market like any other seller. 

As for auctions- now that there's HML and everyone and their mother thinks they are a real estate investor, auctions are mostly ridiculous. I see people pay OVER retail at auctions all of the time- sight unseen and as-is.

There's a possiblity to get a deal as a preforeclusure, but those are insanely competitive too. 

Deals come from LOTS of places, honestly, theyr'e all over the MLS in most markets. You just have to know how to recognize a deal and be willing and able to take fast, aggressive action, that's how you get the good stuff.

Best of luck!