The number of homes sold to investors more than doubled last year, as rising rents and low-priced distressed properties fueled demand. Investors, half of them using no mortgage, bought 1.23 million homes in 2011, a 65 percent jump from 2010.
According to the National Association of Realtors. Half of the homes purchased were distressed properties, that is, foreclosures or short sales (when the bank allows the home to be sold for less than the value of the mortgage). ”
Even though it is frustrating to be beat out by people with more money than brains, i am patient. Just wait until these people have to deal with a problem tenant. They will bail. Maybe they would like to sell to us with owner financing? They can get an even better deal and have no headaches. Anyone interested?