I think it is not only the media but all the latest flood of ads and infomercials about how to get rich quick buying foreclosures. I don't know about your area, but I'm seeing/hearing 5 or 6 daily. It really is getting annoying since as we all know, they really aren't the best deals around. Of course you try to educate the average consumer trying this and they accuse you of keeping the good deals for ourselves. No win!
I will add that you should be very comfortable in your ability to recognize the repairs needed, sometimes even structural repairs, estimate the costs and get the repairs done cost efficiently. If you are not exeperienced in thia area, it will be difficult for you to control costs and the bottom line.
Your research should start by scrolling through this forum and reading all the postings on foreclosures. You will learn a lot.
There have been numerous threads on this issue in just the last week. You'll find great info in previous threads. I think a lot of us are tired of answering the same question. No one is blowing you off.
It is amazing the boom in forelcosure questions. Is the media really hyping the foreclosure deal up or what?
FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market.
It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer.