Buying foreclosure properties can be a frustrating, cutthroat enterprise. The best properties usually have investors circling like vultures. You’re never going to be able to win all your bids, but there are things you can do to increase your chances of being the winning bidder. And get the best price in the process.

The following guide will help arm you with information that can help you along your road to becoming a power buyer:

• Financial Viability – Keeping funds available at all times; ready to pounce on that next great deal.
• Earnest Money – How much should you put down, and other negotiating tactics involving earnest money.
• Limiting Contingencies -  Sometimes inspections are unavoidable, but keeping contracts as clean as possible can really help when making an offer.
• Offer Pricing – Offer price is unquestionably the biggest single difference between a dead deal and an accepted offer.  Avoid overpaying, while not letting the good ones slip through the cracks.
• Persistence – Whether it is not letting a lost contract get you down or keeping on real estate agents and banks when an offer is in play, sometimes the squeaky wheel really does get the grease.
• Dates & Timetables – Keeping closings short and sweet can really increase the desirability of an offer.

When buying a foreclosure, like all other properties, you need to set a closing date for every contract. When setting this timetable you need to consider what kind of affect the proposed dates will have on your offer. Read more

When buying a foreclosure property, the terms of the contract are undoubtedly the most significant factor in making or breaking a deal. However, there are other intangible factors at play as well. The most important of which is probably communication with the seller and listing agent. Read more

When it comes to making an offer on a foreclosure property, many investors often get caught up in the “How low can you go?” mentality. Since banks can more easily absorb a loss on a property, you might be tempted to do nothing but lowball. At times this is the appropriate mentality, but don’t throw away your common sense. Read more

If you’re a veteran foreclosure buyer, this one is probably obvious., but a little refresher never hurts. When making an offer on a property, do all you can to limit the number and length of your contingencies.  Read more

Being creative with earnest money in real estate transactions is one of the most commonly overlooked negotiation points in a contract. Especially for foreclosures, with their battle-weary bank-owners trying to cover their butts. They want assurances. Read more

It’s no secret that many of the best investment properties on the market nowadays are foreclosures.  But the the foreclosure market plays by different rules than the rest of the market. It is often fast-paced and unforgiving. Read more