Works best when you deal directly with the homeowner, you can contract the homeowner before the foreclsoure sale. I use to use this company http://www.foreclosuresdaily.com/
they are a Florida based foreclosure listing company. They give you the names and numbers of homeowners who are 3 or more months behind on their mortgage payment and awaiting a sale. Its best to deal with the homeowner before the foreclsoure sale otherwise you are pitted against other investors and now your competing. Inoreder to get the best deal you must bargain with the homeowner before the Foreclsoure Sale.
Hope this helps, and if you need financing let me know. If its going to be your primary residence you might want to hold on to your cash for other investments FHA homeloans only require 3% from the buyer,
Other advantages include minimal Down Payment and Closing Costs.
Downpayment less than 3% of Sales Price.
100% Financing options available.
Gift for downpayment and closing costs allowed.
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirments.
FHA will allow a home purchase two years after a Bankruptcy.
FHA will allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as
Higher Debt Ratio's than other home loan programs.
Less than 2 years on the job is allowed.
Self-Employed individuals o.k.