Home Buying in 32839>Question Details

Nelson, Real Estate Pro in Orlando, FL

when is the best time to buy foreclosure home?

Asked by Nelson, Orlando, FL Tue Mar 2, 2010

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Answers

4
If you want to claim the $8000 or $6,500 tax credit, NOW is the time to buy a foreclosed home, or any other home for that manner. If however you just want to get into the foreclosure arena, I have a ton of information for you. I am Sw Florida's foreclosure expert and have produced a series of educational videos that will answer all your questions and guide to make the right decisions for you and your family; Here are the links to those videos:

My 4-part series “Should I Buy A Foreclosure?” links are below. Either click on the link to watch, or you can copy + paste it into your web browser.

Part 1:
http://www.youtube.com/watch?v=k-BVI_mKark
Part 2:
http://www.youtube.com/watch?v=M6HaXXQKiMw
Part 3:
http://www.youtube.com/watch?v=s6ST0M6BIXY
Part 4:
http://www.youtube.com/watch?v=EO0zGgJU99g

Watch VIDEOS of several of our foreclosure properties by going to http://www.youtube.com and typing in the key words: The Gator Group

My 6-part series “Buying A Foreclosure: Top 10 Mistakes Buyers Make” links are below. Either click on the link to watch, or you can copy + paste it into your web browser.

Part 1:
http://www.youtube.com/watch?v=63riNVgDSYI
Part 2:
http://www.youtube.com/watch?v=LABpLMapTSw
Part 3:
http://www.youtube.com/watch?v=HADZZRVmnzM
Part 4:
http://www.youtube.com/watch?v=p5gQS-DF_fg
Part 5:
http://www.youtube.com/watch?v=keVc-e9Oz0U
Part 6:
http://www.youtube.com/watch?v=R4X5N1WD4mY


This 4-part series is titled “BUYERS BEWARE! Things to look for in foreclosed homes”. and shows you things to watch out for that you may not be aware of. Either click on the links, or copy + paste them into your web browser. Here are the links:

Part 1:
http://www.youtube.com/watch?v=7WVmiHLIg4g
Part 2:
http://www.youtube.com/watch?v=8cpMGRJpwfc
Part 3:
http://www.youtube.com/watch?v=tfV721cI-VY
Part 4:
http://www.youtube.com/watch?v=g0Dsi6ti8ww


Chinese Drywall has become a major concern. This 2-part video brings you up to speed on its dangers, and how to tell if a house has it or not.

Part 1:
http://www.youtube.com/watch?v=eGFTTiD97Ug
Part 2:
http://www.youtube.com/watch?v=rYwel79TaX4


My newest and most comprehensive series: “7 Secrets To Investing Successfully In A Foreclosure Market”. has just completed production, and is my largest series ever filmed. It goes in depth into the how, where, when & why now is the time to invest in foreclosure property.


7 Secrets to Investing Successfully in Foreclosures
What has happened to our housing market over the past 3 years is nothing short of shameful. People have lost homes, and investors have lost fortunes. We must be mindful of people feelings during this great American tragedy. That being said, there is opportunity in chaos. This market will correct itself, and as it does millions will be made by those who posses vision and the guts to act. This in-depth seminar takes a comprehensive look at the foreclosure market from an investors point of view, and answers the investors question "How can I cash in on the foreclosure market?" National real estate speaker Dave Dettmann shows you the 7 secrets every investor needs to know to be successful when putting money into the volatile world of foreclosures. This is a 2 hour seminar.

See the COMPLETE 2 HOUR SEMINAR FREE! Click on the following link, or go to: http://www.youtube.com and copy + paste the following link into your web browser:
Part 1:
http://www.youtube.com/watch?v=dID6Rv_sSdc
Part 2:
http://www.youtube.com/watch?v=b7eys7BKx6w
Part 3:
http://www.youtube.com/watch?v=C3s7RoSj_Vw
Part 4:
http://www.youtube.com/watch?v=Rb0uPWLozMY
Part 5:
http://www.youtube.com/watch?v=pfbq8tSwRgc
Part 6:
http://www.youtube.com/watch?v=mohREhuo4hQ
Part 7:
http://www.youtube.com/watch?v=Y2Ir3BXywSs
Part 8:
http://www.youtube.com/watch?v=Yf6CsbSpkVc
Part 9:
http://www.youtube.com/watch?v=y_RqDgjIkrs
Part 10:
http://www.youtube.com/watch?v=dkyvcIWIvao
Part 11:
http://www.youtube.com/watch?v=E2VHmCatogk
Part 12:
http://www.youtube.com/watch?v=ejKjt6y_9gg
Part 13:
http://www.youtube.com/watch?v=6xsUNEnzeOg
Part 14:
http://www.youtube.com/watch?v=toE8DmTAbi0
Part 15:
http://www.youtube.com/watch?v=PeNgKVRqY3U
Part 16:
http://www.youtube.com/watch?v=WHtmDSWg-zg
Part 17 :
http://www.youtube.com/watch?v=N5dBaOHg3ZQ
2 votes Thank Flag Link Wed Mar 3, 2010
The waiting game is a dangerous venture in the foreclosure market......as many people have lost out on the opportunity to purchase their perfect home because they elected to wait to see if the price would drop. In many cases, waiting only allows someone else to jump in front of you and grap the opportunity away from you.

So, our feeling is the best time to buy a foreclosure is when the buyer identifies that the home is suited for their personal needs.
1 vote Thank Flag Link Tue Mar 2, 2010
Nelson, assuming you mean a home that is already foreclosed and owned by the bank (REO), then the best time is within the first 7 days it's one the market if it's a good attractive one. If it's a fixer upper or has major problems then keep track of the price every 30 days. Banks price REOs like a Dutch auction. The price goes down every 30 days until it sells.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
1 vote Thank Flag Link Tue Mar 2, 2010
If your client is in no hurry, I would wait until after June 1st. If the $8k First Time Homebuyer tax rebate and $6,500 long term homeowner tax rebates expire on June 30th and are not extended in any form, you will have to compete with significantly fewer buyers.
0 votes Thank Flag Link Wed Mar 3, 2010
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