Don't Miss the Boat!

We are all bemoaning the current sad state of the mortgage industry, laying blame where it belongs (it is absolutely their responsibility).

HOWEVER, getting past that presents a really good opportunity for those of us (I not being one) in high risk areas. 

When I began my career in Denver in the 1980's, it seemed that every other house was a foreclosure, challenging the best of agents to unload nice properties.  Not savvy at 24 years old, I did the normal things when working with these very distressed sellers, and occasionally, got lucky before a huge price reduction.

I noticed, however, that often, a specific agent would pop up on a fairly regular basis with the "bank owned" properties.  Typically, the banks (this was on conventional loans, NOT FHA) would fix up the properties, and be very, very negotiable- this individual would have what amounted to...A GREAT LISTING.

Other agents regularly ran an ad that would basically offer help, if one found one's self in a pre-foreclosure situation.  The possibility of a deed-in-lieu-of foreclosure was often appealing, and people would work with the agent, AND THE BANK, in order to get the seller out from under the albatross.

The point is, in the current (and absolutely temporary) climate, there are some great opportunities out there to help the seller, and get an "in" with the banks.  Take advantage of this- I missed the boat due to a lack of experience then, and am currently in an area that has very few foreclosed properties, but there are great relationships to be made for you right now.