CLOSING IN ON FORECLOSURES

With foreclosures rising nationwide, prices falling and inventories swelling to historic levels, investors with a discerning eye and knowledge of the foreclosure process can build a profitable portfolio of distressed properties, says James Saccacio, CEO of RealtyTrac, which tracks foreclosure data. Saccacio offers this basic advice:

• Know your market – the most important tool in your real estate investing toolbox.
• Find an investment strategy that will work in your market and do what it takes to implement that strategy.
• Decide which foreclosure buying technique works best with your investment strategy and your strengths as a person.
• Scrutinize each deal – not all homes in foreclosure are a bargain.
• Rely on a trustworthy team.
• Network with banks and lenders. In a slow real estate market, they’re saddled with larger inventories and will be more motivated.
• A slow real estate market gives you the upper hand as a buyer, but you’ll still need to act quickly to get the best deals.

Source: REALTOR® Magazine Online
© 2007 FLORIDA ASSOCIATION OF REALTORS®

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