Like giant vacuums, investment companies have been buying up vacant homes in recent months -- often negotiating rock-bottom prices in exchange for speedy, all-cash sales.

"Investors are purchasing lots of foreclosed properties, often at huge discounts and right on the courthouse steps. If a home's location is favorable, they'll even risk buying it sight unseen. Then they'll fix the house up for quick resale at a huge profit," says Ashley Richardson, a veteran real estate agent.

Granted, not every neighborhood has leftover vacant homes still going through the foreclosure pipeline. Some areas have become so competitive that nearly all the distressed properties have already been taken and multiple bids for the remaining stock are common.

But in many other neighborhoods, savvy and tenacious homebuyers can still snag a decent deal on a vacant property -- one with good bones that needs only cosmetic upgrades to regain its luster, says Richardson, who's affiliated with the Council of Residential Specialists (www.crs.com).

According to Richardson, the key to finding a bargain among vacant homes is to look for one that lacks the kind of staging that would show off its visual potential.

Merrill Ottwein, a real estate broker and past president of the National Association of Exclusive Buyer Agents (www.naeba.org) estimates that 80 percent of vacant properties now for sale are in fair to good condition. But he cautions that the rest includes "dregs" that have been neglected or abused by their owners.

He urges those considering the purchase of any vacant home to make sure they're getting a true deal rather than a money pit that could require large amounts of cash to bring it up to a livable standard.

Here are a few pointers for homebuyers:

-- Seek out information on a home's former occupants.

It can be hard to obtain details on a property that's been vacant for months if its owner has moved to a faraway state. It's still tougher if the home has fallen into the ownership of a bank.

"Sometimes agents clam up about a home, especially if there's negative stuff in its background," Ottwein says.

To find out about the history of a vacant property you like, he says your best sources are often neighbors.

"It's advantageous to find out if the people who lived there were fastidious about upkeep and had pride of ownership," Ottwein says.

-- Think about a "pre-inspection" of a vacant place.

Has a vacant property you like gone unsold for so long that you're nervous about hidden problems? That being the case, you may not wish to bid until you can garner more information from a home inspector who takes a preliminary look at the place.

Ottwein tells the true story of a client who was so worried about a crack in the foundation of a colonial-style house that he spent $200 for an abbreviated home inspection. The inspection revealed that the crack signaled a serious problem with the home's foundation. Knowing that, he walked away from the colonial and bought a nicer house in the same neighborhood.

"The sooner you know about any serious problems with a property, the quicker can you walk away and find something better," Ottwein says.

-- Make sure the utilities are on when an inspection is done.

Dorcas Helfant, a former president of the National Association of Realtors (www.realtor.org), says cost-conscious banks that own residential property often turn off the utilities, including gas, electric and water, to save money. But without functioning utility services, home inspectors find it hard to perform their job, she says.

"With the utilities off, you really can't tell if all the systems are working properly," Helfant says.

Even if you have to pay to get utility service restored for an inspecction, she insists it's worth the expense.

"Make sure your utilities are on or your home inspection could prove worthless," she says.

-- Review neighborhood sales before making an offer on a vacant home.

"It doesn't take long for the buyers' agent to assemble information on neighborhood sales. With just two or three clicks, we can find out the price history of the 20 properties closest to the home you like," Ottwein says.

He says that ideally you'll want to review at least three similar properties that have sold in the immediate area in the past three to six months, adjusting for differences, such as a larger garage or a second fireplace.

It's always wise to take a home's condition into account when judging its market value. But Ottwein recommends against seeking out-of-proportion discounts to compensate for relatively minor flaws, like a bedroom painted an unpleasant color.

"Don't get carried away when judging these small issues," he says.

-- Keep your emotions in check when bidding on a home you love.

During the recent financial crisis, many vacant properties owned by banks were given extremely low prices to clear inventory. And while banks are now pricing many repossessed homes more realistically, Ottwein says it's still possible to find a bank-owned home marked below market.

He says the current risk for many buyers is that -- knowing they're likely to face competition from other bidders -- they'll overshoot a property's true market value to beat out rivals.

"If you're crazy about the house, you'll be especially susceptible to overpaying for a property. So keep your emotions under control," Ottwein says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Home values are ascending in many areas. Meanwhile, the future trajectory of mortgage rates now seems increasingly uncertain.

These two factors have combined to create a sense of urgency for many would-be homebuyers in their 20s who fear they'll be priced out of the market. Yet few in this age group have sufficient funds to make an immediate move. To qualify, most must slash spending, cut debt and amass a savings fund.

"More people are graduating from college with substantial student loans. That's a drain than means they have less discretionary income left to fund a down payment and closing costs," says Eric Tyson, a personal finance expert and author of "Let's Get Real About Money!"

Even now, it's not impossible for some first-time homebuyers to obtain a low or no-down-payment mortgage. However, as Tyson says, those who can assemble a respectable down payment can often obtain a slightly better mortgage rate or qualify for a larger home or both.

"For all buyers, I'm strongly in favor of the traditional 20-percent-down mortgage. I've been preaching the positives of bigger down payments for years," says Tyson, co-author of "Home Buying for Dummies."

For most young homebuyers, he says the challenges involved in doing a crash savings program are well worth the short-term deprivations required by tight budgeting.

Here are a few pointers for first-time buyers:

-- First get a grasp on your current financial picture.

One major barrier to saving for a home is uncontrolled day-to-day spending, says Leo Berard, charter president of the National Association of Exclusive Buyer Agents (www.naeba.org).

As a prelude to cutting your spending, he recommends you review all your expenditures for the most recent three-month period. You can do this with pencil and paper or with such personal finance software as Quicken, Berard's favorite. Alternatively, you can turn to such free online tools as Mint Money Management (www.mint.com).

"Until they do a comprehensive review, most people have no idea where their money is going. For example, they're unaware of how much they're spending for lunches every day they're at work. And they don't know how much they're spending for weekend entertainment," Berard says.

A full inventory of all your spending can consume many hours -- indeed, Berard says the process might take up to an entire weekend. Nevertheless, he insists it's a crucial first step for any individual or couple determined to reduce spending to buy a home.

-- Develop a budget with your home-buying intentions in mind.

Once you know where your money is going, you're in a good position to build a budget that -- ideally -- should allow for both your core needs and let you start assembling enough savings for your home purchase.

In some categories -- such as restaurant tabs -- you're likely to find a good deal of low-hanging fruit for pruning. But he says wannabe budget cutters should examine every area in search of potential cuts.

For example, you'll want to review your transportation spending and ask if your household could get by with one car instead of two. Maybe you could also reduce your utility bills by using less air conditioning during the warmer months.

As you move forward with your budget, don't overlook seemingly small or relatively infrequent expenditures that can add up quickly— -- like popcorn at the movies or hot dogs at a baseball game.

Another fertile area for cutbacks: your cellphone bill.

-- Confront your credit card debt.

It's not only student loans that hold back some potential homeowners. It's also credit card debt -- much of which may have been acquired during the college years.

"Credit card debt -- especially high interest-rate debt -- is toxic to a savings plan. You've got to zero it out. I strongly recommend that people get out of all their double-digit credit card debt," Tyson says.

Of course, it's not easy to pay off large credit card balances. But doing so will help you in two ways. You'll free up capital for your down payment and, over time, you could improve your credit score.

Most people don't need a financial adviser to help them dig out from credit card debt, Tyson says, though you can find useful guidance from a book on the subject. One that he recommends: "Deal With Your Debt: Free Yourself From What You Owe," by Liz Weston.

-- Watch out for friends trying to talk you out of buying a home.

If you're a relatively recent college graduate with many friends who have busy weekend social schedules and expensive hobbies, you could confront a major psychological barrier to progressing with your own home-buying plans.

"When you're in your 20s, it's not a cool thing to be saving money to buy a house in the suburbs. Your friends may view this as fuddy-duddy and try to talk you out of it," Tyson says.

But he says those who allow their friends to dissuade them from pursuing homeownership in the next year or two might one day live to regret it -- especially if home prices continue to rise during that period.

"Anyone with a stable job who has about a five-year time horizon for staying in the same area would do well to consider buying a home in the near future," Tyson says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Before Debra Attman would put her sister's house on the market, she insisted that hundreds of items from three giant walk-in closets be purged. Otherwise, she feared the property would seem too crowded to appeal to buyers.

"My sister's house was meticulous, but there was vastly too much volume. The place was bursting," recalls Attman, a 20-year real estate agent affiliated with the Council of Residential Specialists (https://crs.com/).

Attman's sister initially resisted her coaxing. Because of that, the pre-selling involved a lot of yelling between the two siblings.

Besides her accumulated apparel, Attman's sister's closets included a large number of items left behind by her three grown children, all of whom had moved out years before.

It took three agonizing months for the woman to cull through the collections and prepare her property for market. But in the end, her place -- located on a verdant, full-acre lot in a coveted neighborhood -- sold well.

For many longtime homeowners, an excess volume of clothing is a major barrier to a successful home sale.

"Many women -- but also lots of men and teenagers -- own way too much clothing. And because clothing has an emotional element -- we remember where we wore it -- it's tough to give away," Attman says.

In an attempt to make the process of purging excess clothing as smooth as possible, she advises her home-selling clients to adhere to what she calls "the two-year rule." Any item of clothing or shoes not worn in two years should be let go.

Attman also recommends that rather than simply throwing out excess clothing, many people find it easier to let go of it if they do so purposefully.

She tells the true story of the 16-year-old son of one of her clients who spent his summer vacation selling clothing and other excess household items on eBay, thereby helping ease his parents' quest to sell the family home.

"He made enough money for a down payment on a car. Selling your stuff on the Internet or through consignment stores is a good plan for home sellers with the time and inclination to do so," Attman says.

Here are a few other pointers for sellers:

-- Consider obtaining a storage unit on a temporary basis.

Sid Davis, a real estate broker and author of "A Survival Guide to Selling a Home," says many sellers have items on display that could hurt a sale unless they're removed. For example, he cites sports trophies, fancy kitchen gadgets and family photos.

What can you do with such precious objects while your house is on the market? One idea is to pack them in uniform-sized boxes -- stacking them neatly in your garage. But Davis says it's still better to stash them in a rented storage unit until your place is sold.

"Some homebuyers are really enthused about converting a garage into a home business office or decorating the space for an extra rec room. If your garage is full of boxes, prospects could miss this potential," Davis says.

For sellers, there are also other advantages to off-site storage.

"By renting a storage unit, you'll be less tempted to start retrieving items from your boxes. It's a lot harder to go back and pull out that cappuccino maker if you have to drive over to your storage unit to retrieve it," he says.

-- Invest in the services of a high-quality cleaning service.

To hear Davis tell it, few home sellers are willing to engage in the kind of in-depth cleaning needed to sell their property. Yet buyers are extremely resistant to purchasing any property that's less than pristine.

Given that cleaning is so critical, he says that hiring a service to do an in-depth job is well worth the $100 to $200 you'll likely need to spend. And you're unlikely to need to repeat the process for another two to three months.

"While your house is in the showing stage, you will, of course, still need to mow your lawn, wash your dishes and make your beds. But for a while you won't have to hire anyone to scrub away the mold embedded in your bathroom tile," Davis says.

Because not all cleaning companies are created equal, he strongly recommends that you ask for referrals from neighbors and friends and diligently check references.

-- Hold a family meeting to address upkeep issues.

After a home has lingered on the market for more than a couple of days, it's easy for the family living there to lose focus.

"People in the house start leaving unwashed clothes in the laundry room. Bills and papers stack up in the home office. And the teenagers start depositing sports equipment and shoes all over the place," Davis says.

To avoid these outcomes, he strongly encourages sellers to establish a collective plan of action and to do so from the beginning of their listing.

"I recommend a family meeting during which you lay down some rules to keep everybody on track. That way you can establish norms for the household," Davis says.

"The reality is that keeping your house in show-ready condition is an exceedingly stressful part of selling. The only good way to cope with all that stress is to stay laser-focused on the big picture and your priority for a successful sale," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)