There's buying a home in Foreclosure and there's buying an REO. You are referring to an REO (Real Estate Owned) which is generally owned by a bank or a lender.

If there's a trick to buying an REO its this right here: Its very important to make sure you financing and funds are available. You want to be pre-approved by a direct lender, Wells, B of A, Countrywide, maybe even all three. Some REO's will request that you be pre-approved by their bank.

Once your pre-approved, and I mean pre-approved, you credit has been run, assets, income have all been verified and the under writer has come back with the normal conditions of a pre-approval then you are ready.

When you submitt your offer send the pre-approval, along with a proof of funds, a check for a full earnest money deposit, and any other supporting documents you can show to make the seller i.e. bank believe you are the right buyer.

Good luck,

more REO tips at http://santaclaravalleyreo.com/

Daniel,

There are no tricks....just good old common sense.

1. be ready. know the local market so you can recognize a deal when it looks you in the eye

2. be ready. get pre-approved for financing

3. be ready. have a letter for proof of funds.

4. be ready, consult with a local real estate professional that can keep you informed.

5. be ready. have a deposit check ready for the escrow company.

6. be ready. pounce on the deal before anyone else does.

Dear Daniel,

Good question! The "trick," I believe is to have a qualified and experienced agent who is able to clearly communicate with you and the seller so that all parties are in complete understanding of the transaction. Often, Sellers of REO properties are difficult to get a hold of and slow in giving their approval, so you need an agent that will stay on top of it all.

Depending on the area that you are looking to buy in, we suggest you spend some time researching agents and select the best one for you.

Good Luck!

Mitra Karimi
Crestico Realty

Here is the site for Dekalb County Sheriffs auction
http://www.dekalbcounty.org/sheriff/sheriff_sales.html

This will give you a good feel for what foreclosures are upcoming. Most foreclosures are listed with Realtors. There really is no trick to it. Find the property, place your offer, and if offer is accepted, close on the property. Just like a regular sale.