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Top 5 Tips for Buyers of Distressed Properties

Managing the expectations of our customers in the process of buying a distressed property is crucial in today's market. I found these tips in the Wall Street Journal and have added my thoughts on each.

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Where are all these foreclosures we have been hearing about?

Foreclosures have decreased recently. Why? Ever since banks learned of the pending implementation of the administration’s Making Home Affordable modification program, they delayed the initiation of foreclosure proceedings hoping customers might have been eligible for a loan modification. Because of this, foreclosure sales in recent months have been as little as half of what they were before. Banks have now exhausted every available option to qualify customers for modifications and other solutions. The only option left is to foreclose on those who couldn't be helped.

The result?

There is a growing

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