Everybody in authority, including the attorney of the local MLS, state clearly that condos are (by mistake) exempt from this law (unless there are only 4 units in a complex). None of the real estate agents I know is staying away from condos but many are avoiding distressed properties as defined by the law. You are right about the law contributing to the increase of foreclosures.

This may not necessarily exclude condos. If the property in question is one condo in a building of six, it could be argued that the property in question is only one residential unit.

I bring this up because I am currently in the market to purchase a condo and I am stearing clear of any potentially “distressed home owners.”

With such vague language I do not want to be the first case that interprets the legislatures intent.

This legislation is only going to increase foreclosures because it is better for the buyers to wait for the bank to own the property before making an offer.

It may be a good time to buy if you do not have to sell. It is always the right time to buy if your personal reasons for buying are best met by buying now.

It’s been only the last few years that made the average dude think he could play investor by buying a home. What about just wanting your own walls? What about wanting to buy now to raise a family in a home that you may keep until after the kids have left for college?

In an earlier post about First-Time Buyers I addressed the issue of “good time to buy.”

I’ve found that many people are way too smart to buy into that and see that the market is greatly overvalued. As history shows, our market follows the trends set in southern California - and most of us are aware of the troubles the markets have been having down there.

Apparently, logic doesn’t enter into the real estate jargon.

Thanks for an exceptiionally inciteful commentary. Now, how do you (the industry) make change in the misuse of terminology. It’s more than semantics. Words and names mean something. Apparently folks in the real estate industry have never examined how these terms are interpreted by the client. Or, is the confusion on purpose?

Keep up the good work on challenging perceptions.

Not so fast, I say. It’s an OK time to buy if you do not have to sell first. It’s a good time to buy if you don’t have to sell first and have good credit. It’s a great time to buy if you don’t have to sell, have good credit and have saved up …