According to Zillow, there was no advantage of buying an REO. You got no discount at all in some areas and a measly 1..8 % discount in many others.
Cash rich hedge funds are crowding everyone else out. Just attend a local trust sale and you will see for yourself. Most foreclosures never even reach the MLS.
I put this on my blog; my facebook and my email list because I think it’s so important.
Since I come from a family of attorneys, I am always worried about, “what if”. I try to look ahead so that I try to minimize any possibility of legal hassles. One bad deal can erase a bunch of good deals and can cause major damage. I always try to avoid trouble- especially when dealing with someone in foreclosure.
A millionaire investor wanna-be went to an auction in Detroit and bought EVERY PROPERTY. -No inspection, no comps, no comps, no due-diligence.
This is an emerging trend. If you are a newbee and trying to compete with this, you are fighting an uphill battle. You have to get educated about other ways to make money, and there are a lot of them. Don’t lose hope. Many people make money in real estate without ever talking to a bank or a realtor.
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Every day I hear of one of my students having access to foreign buyers looking to invest with them. In fact there is now an international mls …
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