In tend to agree with Trevor, not everybody is a good candidate for a foreclosure, it requires patience
and no fear of rejection.
REOs are sold in a in a multiple-offer situation. If you are going to buy cash, then it is possible, all you need to do is find a seasoned Realtor, preferably specialized in REOs. But if you are going to try to buy with financing, be prepared for a headache and the heartache because your are going to miss out on several properties. It is a tough competition, even being coached by a good Realtor.
If you are going to finance my advice is to look for motivated sellers and forget about REOs and much less short sales. Get pre-approved by a good mortage broker, make sure your credit is ran, your income is verified and get he document stating it is so. Your offers needs to be as solid as possible. .
Your Realtor should make sure that rate of delinquency on the subject complex will not hinder the loan. Getting financing for a condo is difficult enough to complicate it even more trying to buy a foreclosure. Chasing foreclosures, a few lucky persons that do manage to buy, but most just sign offers but never close.
Maria Elena Ramirez Malca, CIIIS, SFR
Certified Inmigration and Tax Real Estate Specialist
Certified Short Sale and Foreclosure Specialist
Sellstate Gold Realty Corp