We have discussed auctions, short-sales, foreclosures and the motivated seller.  Which way to go is really up to you.  If you have the cash and are willing to accept a home you have never seen, try an auction.  I generally recommend that my clients stay away from auctions unless previews are available and they have some other reason for wanting to invest a significant amount of capital into real estate.  Purchasing properties in cash is not always a wise investment choice because is does not allow you to leverage your capital.  Each situation is different and again, you should always consult with a competent real estate agent to discuss these options.  Short sales are simply a huge expenditure of time and patience.  As with anything else, each situation is different and in this case – you will certainly need a very qualified and experienced real estate agent to advise you on how to proceed with a short sale that you have become interested in.  It is my professional opinion that the average buyer should steer clear of short sales and auctions.  A short sale which does not sell will eventually become a foreclosure and as such, will be much easier to negotiate and purchase.  Motivated sellers are generally very easy to deal with and can offer savings to you that are comparable to what you might get a short-sale or foreclosure for.  These sellers are realistic about the market and they will price their homes to sell - Many times offering creative financing options or trades.

Please remember that as a buyer of residential property, it is imperative that you do your research and obtain the services of a qualified real estate agent to assist you in your home search and transaction.  Find an agent who knows the area, has connections with other agents and contractors, works diligently, and someone whom you can get along with.  Failure to heed my advice in this respect has led many a buyer into some terrible situations.  Now that you have read my guide, you can move forward with some basic knowledge of today’s market and the opportunities for discounted properties that you can find within it.  You are no longer misinformed or uniformed and I implore you to move forward with confidence and excitement in the rare opportunity to purchase a home or investment property at prices and interest rates that are not likely to be seen again once the market has corrected itself. 

 Ricardo “Ric” Ruiz del Vizo is a Licensed Real Estate Agent with Coffey & Company Realty based out of Sarasota, Florida.  He is the Lead Copywriter and Marketing Director for both Coffey & Company Realty and the Florida Real Estate Coalition, Inc. The information provided in this article contains the opinions of the writer and some information may differ from information provided through other works or in other states. It is always recommended that you seek the advice of a competent real estate agent or real estate attorney before selling, purchasing, or offering to purchase any property.