The Real Deal Miami

Elliman’s Dolly Lenz says buyers beware of foreclosed homes

April 22, 2011 01:26PM


Dolly Lenz, a vice chairman at Prudential Douglas Elliman, appeared on “Good Morning America” (see video above) today to discuss the precautions buyers must take when considering purchasing foreclosed homes. “Good Morning America” found home sales of $100,000 or less are up 10 percent, and even found a $52,000 home outside Atlanta discounted from $242,000. But Lenz warned buyers to make sure “they know what they’re buying,” and that the below-market homes are even worth their reduced costs. Lenz said buyers should beware and ensure the building’s infrastructure is sound — otherwise a lot of hidden costs may be associated with those homes.