Well, here we are at the end of August and the buyers are still on vacation. BUT, the sellers are calling us and listing their homes, foreclosed homes are selling, and we just about have a system to work the short sales through most lenders in under 90 days!.
But, where are the buyers. I get the calls, but no call backs. I track the lookers on the web sites... but not enough action. I listen to see what ads generate the calls... and still not enough to say it's a great (or good) rate of return on the investment (be it print, or internet). What now?
We keep on fishing. All indicators show that the fish (sorry Mr and Mrs buyer) are there. We just have to find the right bait, or keep on hoping that sooner or later the Buyers will get tired of paying rent, or watching their savings go nowhere... and buy a home/house!
Off the record, my listings on the foreclosure front have doubled. Most of them are not the hard luck stories that you read about in the paper, but greed. Investors who lied, appraisals overinflated, rarely a buyer who cannot afford the mortgage. This is terrible for the banks (and OUR savings rate of returns) but good for the investor and fibbers whose greed kept the values high while "flipping" their homes dishonestly.
No, nothing is wrong with flipping. What is wrong is to expect a 20% rate of return on your investment by just painting a property and having a friend over appraise it.. while you try to sell it and have your funds already in your pocket. Equity skimming and never completing the work. THAT"S what helped keep this mess for such a long time.