As the foreclosure market heads toward the next year, things don't appear to be turning around for the better any time soon. But sometimes you can make more money in a bad market than in a good one. I recently read that the time to buy (whether it's stocks or houses), is when prices are falling and people are rushing to cash out or are losing their homes as the case may be. Couple that with the fact that banks do not want to be holding real estate that they just foreclosed on, and opportunities do exist.
For the investor that has enough capital to be able to purchase 2 or more properties for cash, banks want to talk to you. Banks get calls all the time from investors wanting to purchase a foreclosure house. But occasionally they get the investor that can buy 2 or more, for the right kind of discount. If you really want to get the bank's attention, offer to buy a house they own that nobody wants in addition to the house that you really want. The bank will love you, and they may call you on a regular basis with deals if you prove you can deliver and close the deals.
The catch is you gotta have cash, financing probably won't cut it. If you want to see an extreme example, search my blog for the article on Odel Barnes, all he does is buy properties that know one wants. The banks call him every day while he sits on his porch, and he pays around 10 cents on the dollar. So this information may pay off for you now, or maybe in the future. But I'm sure the strategy will always be effective.
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