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Roy Oppenheim discusses buying a home

By Oppenheim Law on Florida Law, Foreclosure, Real Estate & Roy Oppenheim

A lot of times, people ask me what they should be looking for if they’re gonna start looking for a home in this marketplace. And I think your best values right now are buying spec homes from builders or developers that are overstocked with inventory. Their outlook is very simple, they wanna get their cash out, they wanna to redeploy that cash, they wanna show that their moving property for their stockholders, if they’re publicly held, and they’ve got to move inventory. And so your bargaining power is greatest with them right now when they have excess supply.

If they’ve been sitting on a house and they’re covering the carrying costs every single month and they’re basically sucking wind, you can actually offer them a great deal. And they may, in fact, take it. They may offer all kinds of incentives. They may offer all kinds of promotional ideas, but at the end now, is the time to get a great deal from a foreclosure.