The Housing Bubble blog has a good post about reo foreclosures, short sales, how many banks and distressed homeowners facing foreclosure think.
You’ll have a edge if you can get into the minds of the people who will help you build your real estate portfolio. Some of these folks are almost dying to do short sales. Not all of them, but some of them, and some of them are bankers.
Here’s a quote from Wells Fargo’s Portland, Oregon community development officer Judith Olsen.
” The foreclosure and resale process is expensive — it’s expensive for the bank, but it’s also expensive for communities. We really don’t want the houses back, trust me. We’re not in the real estate business, we’re in the lending business.”
There has been so much talk about banks not wanting to do deals, homeowners not wanting to talk to investors and such, sometimes we forget yes, many banks do want to get those properties off their books.
And some distressed homeowners will do a deal just to get out from underneath a crushing upside down mortgage that is suffocating them.
Banks don’t want to be landlords, or property managers. Sometimes we forget that because many of us are landlords and real estate investors and once you learn how to do it you just rinse and repeat…