Yesterday I had the pleasure of meeting after over a month of daily conversatons a buyer of a foreclosure. Looking for an invesment property, this buyer is certainly getting the last of the great deals. He's getting an oceanfront 2 bedroom newer unit that grosses nearly $35,000 a year and comes close to cash flowing for pennies on the dollar- just a little over $200,000. The next unit in the building is priced $80,000 higher with a couple of short sales (when, if, how,???? - if you know short sales, you know these are long shots)!

 Presently, there are only 7 Active 2 bedroom oceanfront buildings with foreclosure units on the market... none of which touch the cash flow on this unit. The deals are selling and once they are gone, prices are up, up, and the wise buyers end up with instant equity. This "wise" buyer decided to offer $5000 above asking price as this is minor when viewing the big picture of real estate. Out of 7 offers, he won! Now as I search for great deals, it is much more challenging. In January , there were numerous deals, but with summer approaching, the rentals will be higher. Sellers are holding out and foreclosures are being snatched up. When your realtor tells you to bring forward your best offer, make it good or get out of the ballgame. The rookies won't make it to first base in this competition.