As most are aware nearly 1/3 of our market or more is bank owned or short sale property. As it continues to rise in listings certain types of listings are very, very difficult for the banks to sell. They are those that have major components missing from the property, like the furnace, or on the most recent one I worked on the kitchen was simply not there, well the space was but you get the picture:) . The appraisals wreck these deals.
There are few timely finance options that will expedite this process for the bank. Exactly three common ones. But they may take weeks just to have an approval before even writing the offer.
As your showing properties and researching for all of your buyers keep track of those that have major issues and make a list. Sometimes the cheapies are the best ones because rarely are they going to be bought for cash by the non investor. Which is exactly the point. Between hard money, home equity lines, or just cash it's common to be the only player out there because of the large inventory of this type. The key is to keep a list or know which agents have the vast majority of bank owned properties and email a few of them each week and ask which houses are candidates for this.
Now you have a reason when you call your investors to say " You know Mr. Investor I have list of 11 properties that I personally researched that have fantastic potential for you " The real live investors have been waiting for this market condition for quite some time now. Give them a solid reason to act.
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