Many people question whether there is money to be made in through foreclosure investing, especially in this depressed housing market.
Well, a lot of ifs do come into the picture but the answer to the question is definitely a yes.
However, a lot of hard work, follow - up and analysis has to be done if a person wants to be successful in foreclosure investing.
First, and one of the most important points is to know the market value of the property, or at least come to as accurate a guess - estimate as possible.
Most experienced foreclosure investors usually arrive at almost the same value for a property with the variance being between 3 % to 5 %.
Comparable sales data from multiple listing services and title company comparisons help in coming up with a fairly accurate figure as to what the market value is likely to be for any particular property.
Having got a value, it is important to read up on what the local laws are for foreclosure investing, because a good deal can very easily run foul of legal statutes applicable to that state, region or country.
Therefore it is always a good idea to verify whether mortgages or trust deeds are applicable in a particular state and what kind of actions can be taken against defaulting home owners.
There will also be specific legal time frames for taking different kinds of actions - the implications of which keep changing.
Next, it is important to ensure there are enough funds to complete the deal!