Are you aware that you have to have cash to make an offer on foreclosed property? Also you could wait up to
6 months for the bank to respond to your offer. Most or all forclosed propeties are sold AS IS. I think it is a great idea as long as you have your cash and a good morgage broker on board first.
All the Best,
I Know the neighborhood!
Some of my colleagues and I subscribe to RealtyTrac to access pre-foreclosure and foreclosure information for exactly this purpose.
Feel free to give me a call or email me if you'd like to talk about us assisting you. I look forward to hearing from you.
Broker Associate, Sudler Sotheby's International Realty