Bad News Helps Buyers

"Government Bail Out!"

"Washington Mutual Seized by FDIC!"

"$700,000,000 bailout!"

"Wachovia Search For a Saviour"

"Lehman Brothers Sunk, Merrill Lynch Sold!"

You have seen all of the horrible news lately about the economic crisis in the United States. As I am writing this I had to run into the other room to watch the 60 Minutes story about it. It is the most talked about and controversial news subject today. Whether you are rich, poor or average this situation touches everyone in some way.

Could all of this bad bews be helpful if you are a home buyer? I think so. All of this bad press affects the psychology of the home sellers. Some of them are thinking, "Let me get rid of this place ASAP! I need to sell before anything else bad happens."

If you are actively looking to purchase this could be a good time to make an offer. After the government approves the $700 billion bailout the sellers may get a sense that the worst is behind us.

I was fortunate enough to work with some buyers last week looking for a condo on the beach. They did make a low ball offer on a Longboat Key condo. I was a bit surprised when the listing agent called me back to tell me that the sellers did not counter on our offer price. I do believe all of the bad press helped my clients get a great deal.

Remember, you are not going to be able to pick the bottom of any real estate market or stock. But, if you get close to it you are doing well. Time will only tell if we are near the bottom. The Oracle of Omaha, Warren Buffett, just invested $5 billion in Goldman Sachs and is heavily invested in several banks. You don't become a billionaire investor by timing the market wrong.