10 facts - faster way to true.

1. Investigate the advantages. Since a bank or any other lender wants to recover as much of its investment as quickly as is possible, foreclosed homes are often unloaded at significant discounts- upwards of 30%.

2. Find an agent experienced in foreclosures. Sellers often won’t accept offers from unrepresented buyers.

3. Look through public records of default, these records must be filed when a lender decides to foreclose on a home. You can also subscribe to websites and mailing lists that will do this work for you. By visiting Zanatec, you can find a listing of where to obatin public records of default in your state.

4. Tour the property and inspect it as closely as possible. Some foreclosures-unlike fixer-uppers-are in fairly good shape.

5. Have your agent check comparable homes to see if the asking price for a foreclosed home is, in fact, a bargain.

6. Check your credit report and correct all defaults or outdated information. Get prequalified for a mortgage. Depending on the agency handling the sale.

7. Find out if there is a listing broker and then make an offer.

8. Check to see if a foreclosed home has any liens on it, such as unpaid property taxes. Find out who is liable for those costs.

9. Have the home inspected if the seller allows. Sometimes sellers include this as part of the sales agreement, but the buyer still pays for it.

10. Be prepared to deal with more paperwork with a foreclosure than you would with a conventional home purchase, particularly when a government agency is involved.