Foreclosures Offer Deals, But Be Wary - The New York Times

The Times picks up on our article regarding buying foreclosed homes.
In Saturday's section on Your Money, the Times' Tara Siegel Bernard writes,

So you’re looking to buy a new home, and you think a foreclosed house may be the best deal. You’ve probably noticed, then, that many of the big banks' Web sites are beginning to look a bit like real estate brokerages, showcasing the many properties that they’ve repossessed.

While prices may be much lower, the Times points out

Despite the seemingly high inventory, though, anyone considering buying a distressed property should heed the classic warning: Caveat emptor, or let the buyer beware.

There are risks aplenty in trying to get a good deal in the REO market and, as the Times says, "Closing a deal in a desirable neighborhood can be hard to do."

To read the Times' take on this aspect of the real estate market, read the full article.

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