Buying foreclosed properties

[Michael Sheridan]

Hi All,

I am trying to take the time to read some books, read the forums and get myself started as a real estate investor!

Foreclosed properties have obviously peaked my interest as they are often a cheaper often. I would assume house flippers seek out those deals.

When it comes to buying a foreclosure, if it’s not an auction, in your experience will the bank take a lower offer? In other words it’s listed for $150k.. will the bank settle for that $150k and only accept that and nothing less? Do you HAVE to have 100% liquid cash when buying a foreclosed property? Is a pre-approval loan acceptable?

Thank you all for your time and answers in advance as they are much appreciated!