These simple, yet effective tips I havepersonally found invaluable. Hopefully you, too, will benefit from them as you invest in real estate foreclosures.
Tip #1 - The rewards are greatest when the real estate investor is a knowledgeable, proactive force in the process. Take an active roll in your foreclosure home investment. This begins with the right state of mind.
Tip #2 - The figure for days on the market (DOM) a property was available before its eventual sale will be found in the MLS listing. Be sure to ask your local real estate agent for these figures specifically to help determine the desireablility of a particular neighborhood, style of home, and other factors.
Tip #3 - Along with sold properties, take a look (in print) at other homes that are still available or withdrawn from the market to determine the market's health.
Tip #4 - Be sure that you are true to your investigation and do not allow either passion or trepidation to interfere with your reasoned decision making. It is more important that you swing than hit a home run. Bid often!
Tip #5 - Once the property is under contract, be sure to get a foreclosure home inspection and estimates from more than one contractor.