The thought of snatching up foreclosed homes and flipping them sure is attractive. Score an amazing home in an upscale neighborhood but only spend a fraction of what the house is really worth, right? I’m sure you have dreamed about it before.Before we continue, I must tell you the ugly truth surrounding the sales of foreclosures. In the United States, the statistics reveal that most foreclosed properties end up selling for less than 5% below their market value.For example, if a foreclosure is worth $500,000, then they rarely sell for less than $475,000. A far cry from the unbelievable deals you read and hear about, right?Don’t get too disappointed just yet, because the truth is that there are some real bargains on new properties all the time. You just need to know where to look and you need to be quick when you do spot a deal. There are sharks who buy up these properties at the drop of the hat, so you need to be slightly quicker off the draw, that’s all.
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