Tough times for REO buyers

REThink Real Estate

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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. Sellers of individually owned homes that are currently on the market are largely aware that they are in competition with many distressed (bank-owned and short-sale) properties.As a result, there are many bargains available on non-foreclosures, which are often in superior condition to ...