At the time of this writing many people feel the real estate market could drop significantly over the next couple of years. If that is true, their will be good real estate deals to pick upon various auction websites. Here are a few that are worth checking out.REAL ESTATE INVESTING WEBITES\n\n\n\n\ud83d\udea8https:\/\/www.govease.com \n\n\n\n\ud83d\udea8https:\/\/www.grantstreet.com \n\n\n\n\ud83d\udea8https:\/\/www.zeusauction.com \n\n\n\n\ud83d\udea8https:\/\/www.realauction.com \n\n\n\n\ud83d\udea8https:\/\/www.civicsource.com\n\n\n\n\ud83d\udea8https:\/\/www.foreclosure.com\n\n\n\n\n\n\n\nBuying a foreclosed home is not like the typical home purchase.\n\n\n\nIn many cases, only one real estate agent is involved.\n\n\n\nThe seller wants a preapproval letter from a lender before accepting an offer.\n\n\n\nThere is little, if any, room for negotiation.\n\n\n\nThe home is sold as-is, and it\u2019s up to the buyer to pay for repairs.\n\n\n\nOn the upside, most bank-owned homes are vacant, which can speed up the process of moving in.\n\n\n\n\u201cBuying a foreclosure is definitely a bit of a grind. It\u2019s not easy,\u201d says Robert Jensen, broker and president of the Rob Jensen Co. in Las Vegas. \u201cYou\u2019re getting fantastic pricing, but sometimes it takes going through a lot of houses and writing a lot of offers to get the home you want.\u201d\n\n\n\nFind a real estate broker and a lender.The first two steps for buying a foreclosure should be taken at the same time. While you\u2019re looking for a real estate broker who works directly with banks that own foreclosed homes, get a preapproval letter from a lender.\n\n\n\nElaine Zimmerman, a real estate investor and author, recommends that shoppers first visit any site with a database of foreclosed homes. You also could look at a local real estate website that lets you filter the results to see only foreclosures.\n\n\n\nYou might find the acronym REO, which means \u201creal estate owned.\u201d This signifies that the property has been foreclosed on and the lender now owns it and is selling it.\n\n\n\nGet a broker on your side.The goal of combing through foreclosure listings is not to find a house; it\u2019s to find an agent. Banks usually hire real estate brokers to handle their REO properties. In many cases, the buyer works directly with the bank\u2019s broker instead of using a buyer\u2019s agent. That way, the commission doesn\u2019t have to be split between two brokers.\n\n\n\n\u201cA lot of these REALTORS\u00ae have a long-term relationship with these banks, and they know of listings that haven\u2019t even come on the list yet,\u201d Zimmerman says. \u201cCall them about the listings that you\u2019re interested in, but also ask them about listings that may be coming up, because sometimes it may take a day or two or even a week before a listing actually comes onto the database.\u201d\n\n\n\nGet a preapproval letter.Unless you plan to pay cash, you\u2019ll need a recent preapproval letter from a lender. The letter will detail how much money you can borrow, based on the lender\u2019s assessment of your credit score and income.\n\n\n\n\u201cThe problem is, buyers want to find the house first, and then they think they\u2019ll work out the financing,\u201d Jensen says. \u201cBut the problem is, the really good deals on these bank-owned, they go quick\u2014and the buyer doesn\u2019t necessarily have time to try to work out the financing afterward. They need to work that out first.\u201d\n\n\n\nZimmerman says some first-time buyers make the mistake of assuming that the bank selling the home will also finance the mortgage as part of the deal. \u201cDon\u2019t expect to get financing from the bank that foreclosed on it,\u201d she says. \u201cThat\u2019s a totally separate transaction, and they view it that way. The people in the (bank\u2019s) REO department are not loan officers. They are getting rid of bad assets.\u201d\n\n\n\nLook at comps before making an offer.There\u2019s no rule of thumb on what the bank\u2019s bottom line is on price. Just as with any other real estate purchase, you have to look at the recent sales prices of comparable properties, or \u201ccomps.\u201d\n\n\n\n\u201cYou really have to look at the comps in today\u2019s current market conditions and write a competitive offer based on that,\u201d says Jensen. \u201cSometimes the bank prices the homes really low, and the home will have multiple offers over list price within hours.\n\n\n\n\u201cSometimes it\u2019s priced too high, and you can come in lower. A lot of times, buyers will come to me and say, \u2018We want to write offers for half price.\u2019 It just doesn\u2019t work that way.\u201d\n\n\n\nBid the higher price if homes are selling quickly.Keep in mind that foreclosed houses generally are sold as-is. That means that you shouldn\u2019t expect to get a discount to compensate for repairs.\n\n\n\nJensen says: \u201cLet\u2019s say the house is listed for $200,000, all the comps are $200,000, and so the client comes in and says, \u2018Hey, look, I want to buy this house but I\u2019ve got to do paint, carpet and fix some mold damage, so I want to take $15,000 off the price.\u2019 You know what? All the other ones were in the same condition, and they sold for $200,000.\u201d\n\n\n\nJensen further advises finding out how quickly comparable houses are selling. With foreclosures, a 3,500-square-foot house with a pool in a gated community might sell within days or hours, but more modest homes might sit on the market for weeks, or vice versa, depending on market conditions.\n\n\n\nIf the foreclosed homes you\u2019re looking at are selling swiftly, \u201cthe best advice on a bank-owned property is to come in at your highest and best, unless the property has been sitting on the market forever with no activity,\u201d Jensen says.\n\n\n\n\u201cIf you\u2019re going to be upset because you would have gone $5,000 more but you lost the property, just bid the higher price in the first place.\u201d\n\n\n\nFind tradespeople who can assess and repair damage.Because repairs are almost inevitable with foreclosed houses, Jensen and Zimmerman recommend getting to know tradespeople who can assess and repair damage from pests, mold and leaks. Zimmerman says you should assume that the air conditioning needs to be fixed, and possibly the heating system, too.\n\n\n\nIt all sounds daunting\u2014but at least you don\u2019t have to wait for the owner to move out of the house.