A home whose market value is way above the asking price... seems like a great buy right?

Foreclosures are a great way of investing; you buy, fix, and eventually sell for the market price. Through the years and the development of my company, JPN Properties, I have learned a couple of  things to consider with the purchase of a foreclosed home:

1.  If you have a specific home in mind or you are still in the search, you must first do your homework on the area that you are looking to buy; see what types of homes are in the area, school districts, commercial areas, parks, etc. All of these factors contribute to the later selling of your home while giving you comparables to look at. 
2. When buying a foreclosure, I would advise to go through a real estate professional. There are many details in the foreclosure process that might hinder or make the process longer if not handled properly. Lets face it, getting a house for half of its price is not going to be easy. Research and get as familiar as possible with the foreclosure process, this will allow you to know whats going on instead of just wondering why the paperwork is taking so long.
3. An important factor that you should always keep in mind is: Getting the home inspected! An inspection will allow you to not only have a professional opinion but also let you know what areas of the home need to be worked on. 
4. Once you close on your home, remember the little things that make a huge difference;  fresh paint, clean exteriors, a simple landscape can enhance your house by creating another  warm, inviting feeling when stepping into the yard. 

Have fun, be creative and enjoy the making of your investment!