buying foreclosed homes

[Devin Brooks]

Hello. I am from the Central Valley in California and trying to get more information on trying to buy foreclosed homes. Does anyone have any advice, links, links or websites to get me started in the process? I have a decent amount of cash to get started. I would really appreciate the help!

[Clay Lehman]

@Devin Brooks Good morning. I have been an REO listing agent for years here in central Florida. One of the most important things is to watch the market every day. Foreclosures are such a popular investment vehicle that as soon as a home gets down to the strike price it gets snatched up. Most banks make price reductions approx every 30 days so if a property is overpriced, just be on the look out for those reductions. Be prepared to put down 10% as your EMD if you are offering cash. One mistake I see people make is under bidding because they are offering cash. Banks like cash but they won't take a significant discount for a cash transaction. At least not the larger institutions. And make sure to be watching the auction sites, auction.com, hubzu.com and xome.com are ones used by big services. Good luck!!