Buying foreclosed property more pain than gain

Debby Braun, an agent for more than seven years, now with Keller Williams Realty, shares her insights on buying a foreclosure.

Q Can I get a great deal with a foreclosure?

A It seems that every buyer I meet with asks me about foreclosures. I find that most foreclosures really are not that good of a deal. In most cases, if somebody can’t afford to pay for the house, they can’t afford to keep it up. Many times there are hard feelings toward the lender, and the former owners have damaged the home. Then the lenders leave the houses empty for months and months, and the problems compound.

Is the process of buying a foreclosure about the same as buying any other house?

The buying process can be one of the most frustrating experiences you will ever have in your life. The banks have already spent so much money on these homes, and lost so much money on these foreclosures, that they can be difficult to deal with at best.

So where are the best deals these days?

Find a good deal somewhere else. There are sellers who are realistic about this market and have their homes in good shape and priced aggressively. It will probably make more sense to buy one of those homes rather than go through the trauma of buying a foreclosure and fixing all the problems.