Approved Deal….Wow!
I have been working with a savvy cash buyer and we just come across a great deal. It is for a house that sold for $153,000 on March 7th 2007….we can now buy it for $50,000!!!! That is a drop like few I have ever seen. Now keep in mind this is in a rough section of town, needs a little work and was built in 1959; but to see such movement by the bank is amazing and welcomed. This will allow a lot of inventory to burn off the market.
It is a buyers market…even if you do not have cash. Quite frankly since we are going in so low on a lot of these homes I would say 80% of the time we are getting beaten by a financing deal. I have a great lender at Resource Mortgage named Eric Papalini that can get you set up to go after these bank owned properties…we just need to get your ducks in a row and make sure the bank has nothing to push you back on.