Buying Homes in Foreclosure
If you are looking at buying homes in the US today, you will almost certainly be looking at distressed properties, meaning short sales and foreclosures. That is especially true in the biggest bubble markets of California and Florida, but it's also true cities like Portland, Oregon, Atlanta, Georgia and many more. Distressed homes are likely to be a significant part of the market for years to come, based on the current pace of sales.
While these properties can present great discounts, the buying process is often far more onerous than purchasing a regular house. You often must negotiate with multiple third parties, each with a particular agenda and a process that you must follow. Also, the house may be in worse condition than you expect, and the entire process can drag on for many months. The buyer must be especially diligent in these kind of purchases, but they can really pay off in terms of getting a home you love at below market price.