If you listen to any media today the apparent gloom is enough to send anyone running with their money to hide it in a mattress. If you follow the historical trends of real estate, you’ll know that this buyer’s market is the best time in the last decade to purchase property. Short sales are hitting the banks so hard that they are not able to process them quickly enough to keep them from the auction. This has created a huge opportunity for savvy investors. If you can hook up with a seasoned agent who understands the nuances of the foreclosure market and the auction process, you are poised to be in a great wealth building position.
There is still a huge amount of money available for financing, despite media reports to the contrary. FHA loans are still readily available, as well as conventional loans (requiring more down) and if you’re working with an agent who’s connected, Hard Money Lenders have a ton of money for buyers who have some credit issues. Our team has helped individuals whose offer wasn’t accepted in time by the bank to stop an auction, by taking them to the auction to negotiate for the, and got the home at a better price than they would have gotten on the short sale side.