You know that old adage that goes, "Buy when everyone else is selling, and Sell when everyone else is buying?"  Okay, it doesn't go quite like that, but the point is now is a great time to get a deal on some real estate, new, old, residential, commercial, you name it.

1.  Buy a Foreclosed property.

    Sound scary?  As long as you do a little homework it can be a breeze.  Using an agent that deals in foreclosed or real estate owned properties is probably a good idea as well.  I have recently see properties that were purchased last year for $127,000, $549,000, and $235,000 go for $65,000, $449,000, and $145,000 respectively.  You do the math.  Those are some deals.  Keep a look out for new posts about dealing with REO/Foreclosures and the details involved.

2.  Buy from a distressed Builder.

    We all hate that people are in trouble financially over the slump in home sales. Over the last few quarters some builders have been falling behind on their construction loans as their current inventory sits on the market.  Help them out!  Buying up the current inventory of new homes helps everyone.  It helps the builders stay afloat in difficult times and it gets you a fine home at a resonable price.

3.  Buy Short Sales

    An entire industry has popped up around short sale properties.  You definitely need to do your homework here.  Get in touch with a 'Short Sale Saavy' Realtor or Banker and hit the ground running.  There is some leg work involved in finding these gems but they can be well worth it.  Again, you are helping the current owner by keeping them from foreclosure, you're helping the bank by taking a bad mortgage off the books, and you're helping your self get a property at something (hopefully) well under market value.

Remember that these options are not for everyone.   Keep on the lookout for rumors of financial distress to capitalize on these opportunities because they won't last forever.  Also, if you are unsure about any of the steps to take, get in touch with a professional.  Until next time.