I've said this over and over in previous posts.... The F-word is for the novice or average frustrated investor. What makes people think that putting an offer on a foreclosed house is going to get them the best price? You can count the number of TV ads promoting a system that teaches how to buy foreclosures.... That makes 50 other people dropping offers at the same time, at a price that was already "market".... That's just crazy talk. You want a deal, ok I can understand that but you are not going to find it with a foreclosure without one of two things 1. cash and personal connection with a REO manager or 2. a overpriced offer that you beat 15 other people for.
It's easier to knock on a door of a house that needs repair and say "my wife and I are looking for a home in this area and yours looks cute from the outside". Do you know anyone selling in this area? A hand written note works well too. My closure rate is almost 70% on the notes.... And you get the best deals with no competition.