Industry News

Buyer beware: Foreclosure sales not for everyone

Part 2 of 3: Navigating today's real estate market

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Editor's note: Sometimes it pays to learn from others, and in today's real estate market lessons can come at a high price. This three-part series examines hurdles for homeowners facing foreclosure, buyers who are interested in buying those foreclosed homes, as well as options for standard borrowers looking to purchase a home. (Read Part 1, "Upside down: Homeowners share lessons in foreclosure," and Part 3, "Lenders still finding ways to finance home purchases, refis.") Real estate buyers are taking note of the rise in foreclosures in many housing markets across the country, but foreclosure properties aren't for everyone, said David Levin, principal for David Levin & Associates, a Florida-based real estate consulting firm. "There are real risks in the foreclosures business ... in a normal market. If you're not schooled in this stuff it's not for the faint of heart," said Levin. During the days when home-price appreciation and sales were setting records ...