Tough times for REO buyers

REThink Real Estate

Q: My family wants to buy a house in Miami. They are looking for a foreclosed property around $60,000, and will pay all cash. Do you think the time is right to buy now? If not, when would be the best time to buy? –Mehmet, Florida

A: First, I’d like to ask you and your family to rethink a core element of your approach to this process. I’m often approached with questions by buyers-to-be who say they "are looking for a foreclosure."

I submit that what you’re actually looking for is a good deal — even a really good deal — on a property that is well-suited for your purposes. I also submit that the property that best fits that description may or may not be a home that was foreclosed on.