Tips for buying foreclosed homes

This recent article by Marv Balousek highlights the trend toward more and more buyers seeking out foreclosed properties. The article does a nice job of summarizing the challenges and opportunities that come with buying a foreclosed home, and offers a few tips.

Foreclosures will continue to be a big news item in the coming year as they continue to rise steadily (foreclosures this month will far exceed the total from December of 2007). So we can certainly expect to see more buying opportunities in the coming year, and along with that a real estate landscape that becomes increasingly complex. Foreclosures and short sales tend to involve more waiting, uncertainty, paperwork, twists and turns than the traditional transaction. As Marv Balousek's article shows, buyers who are willing to work their way through these challenges can reap some nice rewards.

You'll find our November foreclosure report on the economic trends page at DaneCountyMarket.com. Our December report will be available in about two weeks.