1. Understand How the Banks Negotiate –
Trying to buy a foreclosure without understanding how it works is a bad idea, and you will need the proper people in place to do the work for you. I always stress this point, but GET A REALTOR that has experience closing foreclosure deals. There is usually a lot of paperwork and sometimes a set procedure to making an offer on a foreclosure, and trying to do it on your own is a fools errand. Banks normally list the home at market value, minus any deductions because of the condition of the property. Understand that you will have to heavily negotiate to get a great deal.