Daniel Odio of Daniel DROdio Real Estate, Inc., puts it this way.
“This cycle is different because often there is no equity in these properties.
Banks used to be able to sell them on the court house steps.”
The problem now is real estate investors must get a discount on the courthouse steps. If not, they’re not buying.
In other words, a $500,000 house is selling for $500,000 at the courthouse because the bank needs the whole value.
As a consequence there are a lot of foreclosures and a lot of people are being put on hold at the banks. The banks are having a hard time trying to figure out what to do.
Here’s an example of the problem.
Foreclosure Folks Dialing 1-800, Get No Answer
How can we invest in these good foreclosure deals while making the best use of our time and efforts?
Daniel Odio has a vid explaining a software called The Best Home Search Ever.
Needless to say this is not the only software program of its kind out there, but it gives us some good ideas on what is possible if we have the right tools.