In some circumstances with foreclosures, competitors could be very high. If the foreclosure is in good condition and priced nicely, you will likely be competing with other eager patrons. This competition can drive up the value of a home you thought could be a good deal.

The foreclosure rate in 2008 exceeded 5{632f912f1dd6bf6823048bdd767dc9c3a7a746426f8883ee9f25493d9d6481ef} in 12 counties in California and 10 in Florida . Those counties accounted for the majority of the nation’s 33 counties with a foreclosure fee of 5{632f912f1dd6bf6823048bdd767dc9c3a7a746426f8883ee9f25493d9d6481ef} or extra. The highest foreclosure rate in the us was 12.0{632f912f1dd6bf6823048bdd767dc9c3a7a746426f8883ee9f25493d9d6481ef} in Lee County, Fla. Andrew Khouri covers the housing market for the Los Angeles Times. Before coming to The Times he wrote about commercial real estate for the San Fernando Valley Business Journal. “I am aware of clients who purchased foreclosed properties in the Central Valley that had been cash pits,” Brown said. A new California legislation will give people, nonprofits and governments an opportunity to purchase foreclosed homes before buyers can scoop them up.

How Do You Contact The Homeowner?

Banks usually have selected real estate agents they work with and these brokers typically have an inside-look at foreclosures that haven’t yet hit the market. Real property traders …