1) Financing comes first. Make sure you are not just "pre-qualified" but you are "pre-approved" by a lender that already reviewed your credit score and your documents. Ask for an approval letter. You need to convince the sellers/banks that you are the best buyer out there.
2) Do not submit a low-ball offer. Let's say you are approved for $400,000, please look for properties in the $350-380,000 range. Most foreclosures are priced really low to attract more buyers and it becomes a bidding war, so make sure you are able to go over the asking price.
3) Submit a complete and clean offer. Make sure you have the necessary documents or addendums that the listing agent needs prior to sending the offer, they normally disclose this upfront. If your offer is not complete, it will not be submitted to the bank for review.
4) Do not ask for too much from the sellers or the banks. Eventhough this is a "buyer's market", you cannot ask for over the top closing cost or repairs. The main thing the banks look at is their bottom line. So be prepared to make an "as-is condition" purchase.
5) Be patient. Everyone is looking for a great deal right now, so you will have a lot of competition. Be prepared, make it fun, and have an open mind.
Let me know if you have any questions. Feel free to call me at 619-997-4118 or visit my website at http://www.michellemendozahomes.com/.
