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Foreclosure Buying Made Simple

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"I'm happy with my new house, whether it drops in value or not. But my buying experience, and seeing the outcome with the two other houses, only reinforced my view of the real estate market. When people are saying the market is full of ways to get rich quick, they are probably full of something else." That's the last paragraph of LA Times reporter Peter Hong's narrative of buying a foreclosed home in Los Angeles. Hong makes it seem so easy! Then again, having a wad of cash (he suggests offering an all cash deal) helps. His other tips: Offer at least 90% of the asking price, avoid auctions, and by all means, complain to the Department of Real Estate about any shadiness on the part of brokers. [LA Times]