Hi Bradley,

If you have some cash reserves, I work with an investor specialist I would love to refer to you. He has some very unique offerings to get properties at well below market value. Financing is available if qualified, too. His office is located in Sumner. I have done several mortgage loans for his clients, and I can confirm that it's not a gimmick or get rich scheme. You just have to fit the criteria. Feel free to call or email me for his contact info, as I don't have his permission to put his name on this board.
Thank you,
Tom Pessemier
tom@pessemierfinancial.com
253-307-7907

Bradley

If you're really serious about this join RealtyTrac. It will be a good investment and an education. You can even get a free 7 day trial. Just go to http://www.realtytrac.com and follow the links. The cost is less than $150.00 for six months of on-line access. They do a good job compiling foreclosures and pre-foreclosures.

Unless you've got a load of cash though, forget about bidding at the auctions. You need to show up with certified funds to cover your bid. No loan proceeds from a closing or anything like that. You need the money when you walk up the courthouse steps. Many novices don't realize this. There is a good discussion of the process on the RealtyTrac website.

Good Luck!!

I am by no means an pro investor ...but when I was asking this same question some time ago, the answer I was getting from the pros is to make investing in foreclosures the LAST investing strategy you practice because it has the most potential for catastrophe. Kary brings up some good examples. True, ...the potential for high gain is there from an auction, but there is just as much potential for some huge losses if you don't know what you're doing. Get your feet wet with other forms, ...short sales, subject to's, rehabs, etc.
Good luck!

Yes Bradley, My team actually has consultants both to work with the bank and to address your financial interests, as needed. The foreclosure and short sale consultants are dedicated and experienced in this specific type of transaction. I would also suggest that looking at short sales may even be a better way to go... less people going after the property can mean you may have a better chance of obtaining it, and for a lower purchase price, as the bank may be agreeable to a lower price, whereas an auction pushes the price upwards... lastly, you will be doing a seller a favor, by keeping them out of foreclosure, which is easier to recover from! Either way, THere is definetly help for you in Puyallup!

You might want to consider short sales instead, because you can do an inspection and get title insurance. And, you might end up with a better buy! At a foreclosure the bank might likely bid in their debt, where at a short sale they might compromise it.

There are some concerns for buyers with the existing distressed property law, but the legislature is working on fixing that.

Foreclosures can be very risky if you don't know what you're doing. For example, there was a house last year where if you'd bought at the foreclosure, you'd still have had to have dealt with the drug forfeiture action started by the county, and you'd have had not opportunity to inspect for harmful chemicals which could have made the place worthless. Fortunately this was a grow house, not a meth lab, so your only surprise would be needing to repair large holes in the wall put in for ventilation and restoring the electrical system.