But as the fallout from the collapse of the riskiest segment of the mortgage market spreads, wealthier investors who overstretched are also being sucked into the foreclosure hole.

I would like to get into Short Sales and also Foreclosures.

This caused the foreclosure rate in his subdivision to exceed normal parameters affecting overall property values in his neighborhood.

Hi,I am totally new in this field and I am not an investor.My landlord is an investor and from him I learn few words like foreclosure etc.so I started learning and now I am at a point where I know few things.

A friend is doing some REI in Pittburgh PA.She said she found a guy who has these "penny foreclosures" where he sells them to her for anywhere from 13,000 to 21,000.

of course once I found the seller and he agrees to my offer I am going to hire a foreclosure specialist or a real estate lawyer and a escrow service to deal with all the complications like second morgtage . liens etc.

Is it even worth the efforts trying to close a deal in pre-foreclosure in a area where most real estate think the market is still HOT.I am saying this because I find the homes, I contact the seller but someone is already there before me.

It seems to me there's a lot of foreclosures, and a lot of former homeowners (probably who never really qualified in the first place) looking for a place to live.

If he offered the bank his deed in lieu of foreclosure, would he violate the contract with the real estate agent (she will not release him even with the knowledge that he can't make the payments)?

Go to realtytrac.com they have a huge list of pre foreclosure, REO, Auction, or FSBO properties.