Hello,
Up side is that foreclosure opportunites are on the rise but…
Things are beginging to go sideways in the LA market very fast. Even if I close a deal with say “40% equity, as compared to comps” by the time i go to sell say three months-market has droped by 15% (ie 15% of total price) my 40% equity is gone.
The only way to really protect against the current market price errosion is to initialy get a huge discount ie 60/70% equity but those deals are not born buy a market where HO are still believing in the last six months of sales figures…?
Any comments or ideas?
Thanks,
Aaron