Foreclosure home-hunting strategies

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

By JAMES J. SACCACIO One of the most common questions asked of real estate professionals these days is some variation of the following: "Is now a good time to buy a foreclosure?" I get this question routinely, too, and my short answer is simply to "check with your local real estate agent." I say that because the most accurate answer to the question is based on local market conditions and the individual financial status of the prospective buyers -- two pieces of information best determined by a good local real estate agent. Unfortunately, some agents are still steering their clients away from foreclosures simply because those agents don't understand how foreclosures work. The free-market metronome tends to swing to extremes before settling back into a reasonable rhythm. What we saw over the past few years in many parts of the country was a real estate market ratcheted up to an unsustainable rate. Homes were far overvalued and overpriced. Builders scrambled...