I have been doing this for 10 years now and have done well over 1,500 Foreclosure deals. I have noticed a huge increase of the amount of people that are going into foreclosure There are so many people that got into these interest only loans when they became popular a few years ago and 90% now the 2-5 year arms are up and there payments are to high and they simply cannot afford there house I call it champagne taste on a beer budget! Now the banks are starting to see the number of people that are going under and offering 40 year fixed. So let me ask you all this with Greenspan retiring and unknow what the rates will do what do you see the future holding for the number of foreclosures?
I think it is going to go through the roof so now it is time to start building your relationships at the banks and getting good at short sales!
I have been telling my friends for months now…Save your money, because there are some really good deals coming.
I was never a fan of the Arms or Interest Only loans and my gut was right. So many people took out Arms and Interest Only loans that could not afford the fully amortized payment and now I think we will see a huge correction for a 2 or 3 year period, and I also think we will see a shift in ownership. We will be the ones holding property, and the people that were not conservative will be our new renters.
In addition we need to stick together and hold out for a great deal.
The banks will start coming down on there prices real soon.
I see investors that give way too much on a short sale because they are afraid they won’t get the deal and it is giving the banks too much leverage.
Great Post
I recived an e-mail friday from my Short sale team we are working 28 short sales right now and will be getting another 10 this week. I might need to expand my team that is for sure. I am willing to say at this time next year they will double the amount they are doing. Save
I have two people that are commission based that just do short sales!
But no partners!
I have had them in the past and I now know there are two types of partnerships those that work and those that do not I have had both and do not like either!
