Think bankers won’t give you any more good real estate deals, as in moneymaking [tag-tec]short sales[/tag-tec]?
Are you convinced it’s a terrible market and you can’t find discounted real estate- especially at the bank?
Fortunately, you’re wrong.
Your “friendly” banker just got friendlier.
That’s because he’s in a bind and you as a savvy real estate investor are just the person who can help him out.
They’re properties which are sold for less than the loan amount. According to reports which are now flooding in, banks have been hit with a tidal wave of pre-foreclosure real estate.
Bankers want to get rid of these properties fast. Hence the deal- making.
Why is that?
Having lots of delinquent real estate on the books makes bankers look bad.
As we all know they want to appear at their spiffiest in front of banking inspectors as well as the public.
So it’s to their advantage to get rid of this stuff as quickly as possible, even if, heaven forbid, they must sell out at a lower price.
I might also add a lot of this work goes on quietly. No info-commercials here.
(Many of the kids who were investing in pre-construction deals big time only two years ago, are pretty much unaware of these gems).
Here’s a very good article by G. Patrick Kelly which not only gives you precise, easy to understand info about short sales, but also shows you how to talk to the bankers and distressed owners in pre-foreclosure.
Grab a cup of your most fav nutty coffee and sit down in your easy chair. It’s riveting [tag-self]short sales[/tag-self] reading.