As a real estate agent I am always on the lookout for great deals on homes so I can impart these deals to clients and friends. This is one I think everyone should know about. As a direct result of the sub-prime lending spree that has gripped the nation in the past years we are now seeing a great number of homes being foreclosed on and sold for amazingly low prices. This gives anyone interested in buying a home a great opportunity to get themselves a home for less than they might expect. Foreclosures are not too hard to find either, any realtor or agent should easily be able to find some great foreclosure deals and there are many who specialize in foreclosures and short sales.

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Here are a few realities about buying foreclosed properties. Typically a home goes into foreclosure when the current owner ceases to pay the mortgage or other home bills to the point that the bank or lender takes possession of the property to recover their losses. Now, many time when buying foreclosures, buyers who are experienced in foreclosures will deal directly with the home's owner in an attempt to purchase and take possession of the home before the proceedings are finalized. This usually involves taking over the mortgage. This can be a complex process so make sure that when you get involved in a foreclosure purchase that you have both an agent and a lawyer who knows the process. The processes will vary from state to state so having professionals onside that are familiar with the applicable laws is essential.

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Foreclosures are ideal properties for home flips. As you can typically get a foreclosure at less than market value it is easy to see how the math works. An additional bonus to this is the fact that buying low leaves you more money to do renovations and improvements to any home. The whole concept of home flipping is based around the buy-low, sell-high idea. There are few opportunities as attractive for the buy-low aspect of the flip as foreclosures. If you take the time to explore the possibilities in the foreclosures market you should be able to find some fantastic deals whether you are looking for a flipping property or just want the best deal possible on a new home.

You may also want to check into bank owned foreclosures as they are less risky, although they will cut into your profits a litte.  Basically, for those that don't know, a bank owned or BO foreclosure is a property that has gone through all the steps of foreclosure and is now owned by the bank or lender.  They will sell these homes at a discount, but it won't be as good of a discount as you can get in the earlier stages of foreclosure.  There is, however, mush less risk with a bank owned property.  Any tenants have been booted already and these homes are usually in better condition and usually only require small, minor repairs and maybe some paint work.  For this you will get on average 5 to 15% off the price.

Regardless of what type of foreclosures you decide to go after you will find that you can purchase more home per dollar and greatly increase profits with foreclosures.

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