As a real estate editor and licensed real estate salesperson, friends and colleagues often ask me what I think about the market and whether a property they like is actually a deal.

Sometimes I feel like Howie Mandel on “Deal or No Deal,” except on my game show, instead of opening random suitcases looking to eliminate low dollar amounts, homebuyers are looking through houses hoping to eliminate potential money pits.

They weigh the pros and cons of holding on to their current property — their “suitcase” if you will — or taking advantage of what they think is the “ultimate deal.”

To them, I’m the quintessential expert, on topics like home value and foreclosures, because I don’t stand to benefit from the purchase the way their official agent will and they know I’ll give them a straightforward, honest opinion.

So when my Seattle friends showed me a bank-owned property they were interested in, we talked about what needed to be fixed and how much they would need to put into the property to get it into move-in condition.

The exercise proved helpful. If I posed Howie’s question “Deal or no deal?,” the answer would be a resounding “no deal.”

Buying a home? Try these resources from FrontDoor.com:

• Pricing and Home Value
• Home Finance Guide
• Drama-Free Real Estate

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