Experts agree: Foreclosure sales are not for inexperienced homebuyers

foreclosure sign
foreclosure sign

If you've been reading WalletPop for any amount of time, you'll have picked up on my desire to purchase a house. To the luck of many, our local real estate market hasn't had quite the downward correction that many markets have experienced, leaving many homes outside our price range. This has led my wife and I to consider picking up a foreclosed home, of which there is no shortage despite the otherwise healthy market. As I looked closer at buying foreclosures it became evident that it isn't all it's cracked up to be, especially for first time home buyers.

Tom Barlow a fellow WalletPop blogger recently called out Flipping foreclosures as overrated and backed up his claim with some daunting information about foreclosures. Well it appears Tom was ahead of the curve, and now Eric Tyson, the real estate expert behind "Home Buying for Dummies" met up with CNN to deliver more advice on just what it means to buy a foreclosure. Perhaps the most important information I got was to be prepared to walk away from a house if the bidding heats up. Unfortunately the buyer's remorse for an overpriced foreclosure is greater than what you felt after dropping 2 grand on a vacuum sealed hotdog from the 2006 Super Bowl!