Barely a day goes by without the media reporting on the flood of foreclosures taking place across the United States. According to a RealtyTrac press release issued on May 13, one in 374 houses in the U.S. received a foreclosure filing in April, the highest monthly rate since the company began tracking in 2005.

But instead of seeing doom and gloom from these numbers, many view foreclosures as a once-in-a-lifetime opportunity to buy bank-owned properties at below-market rates.

Some seek to buy in bulk, and they often get the best deals. Individual purchasers may find foreclosures to be a bit more challenging.

"The only way to pick up these properties for cents on the dollar is to have cash upfront and buy a minimum of about 10 properties," said Manny Alvarez, an agent with CENTURY 21 Hansen Realty in Wilton Manors, Fla. "For individual purchasers, banks don't like to go below 7 percent of the market price within the first 30 days of their listing."

Still, Alvarez said there are deals to be had-and discounts do vary throughout the nation.

Here are some tips for buying a foreclosure:

• Make sure you have the cash not only for the purchase but for any repairs required after you close-these properties are often distressed and require extensive repairs, Alvarez said. Plus, traditional financing may not be available.
• View the house in person, and get it inspected.
• Don't make an unreasonable offer. Many banks are getting multiple offers now, and your offer can be rejected before you have a chance to increase it.
• Get a title search-either from the bank or on your own-and have it checked by an expert.

If you're interested in a foreclosure, it's essential to work with an experienced agent who can negotiate aggressively with the bank. Give our office a call, and we can refer you to a CENTURY 21 Sales Professional who is qualified in this area.

According to the U.S. Department of Energy www1.eere.energy.gov/consumer/tips/save_energy.html, a typical American family spends about $1,900 a year on home utility bills. But you can save energy-and money-with these tips to make your home more energy-efficient.

• Get a home energy survey from your local utility. Many will do a free analysis of your home and provide specific ways to save money on your utility bill.
• Replace old furnaces and air conditioners with newer ones that are more energy efficient.
• Install programmable thermostats.
• Swap light bulbs for compact fluorescent bulbs bearing the Energy Star label.
• Air dry dishes.
• Turn off lights and ceiling fans when you leave a room.
• Turn off computers and TVs when they are not being used.
• Plug home electronic devices into power strips, and turn them off when the equipment is not being used. These devices often have a "standby" mode that uses power even when they are off.
• Lower the thermostat on your hot water heater to 120° F.
• Install a low-flow head on your shower. Opt for showers, not baths.
• Only run the washer or dishwasher with full loads.
• Purchase appliances that have the Energy Star label.

These tips can help you lower your energy use up to 25 percent, according to the DOE. That will not only save you money now, but reduced utility bills could also help you command a higher price for your home when you sell.

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