Bob Dylan wasn't wrong back in the sixties and once again the "times are a changin". Markets are in a turmoil and turmoil will create opportunity for the observant investor. Your business plan needs to be both dynamic and flexible for you to maintain a success in this business climate.
We have concentrated on foreclosures and short sales for some time but are beginning to encounter some challanges in this market. The proliferation of short sales has jammed up the short sale process with the servicers and lenders. Consequently the time it is taking to successfully consummate a short sale is growing. The amount of time eaten up in communicating with the bank is increasing. All of these factors are making short sales more cumbersome to do yourself.
We have started to outsource our short sale processing with good results. We are able to have many more deals in the pipe line without the breakdown of our system. More importantly it has freed us up to look at other aspects of the market.
Banks are finally beginning to see the light when it comes to their REO property. We are beginning to look hard at starting to purchase REO properties now that the banks are starting to come to their senses. I am not sure that all areas of the country are seeing the kind of opportunities we are getting in South Florida but I would be very interested to hear from other readers.
In the next few months I will keep you informed how this change in strategy is working.
Yours in Success,
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