Absolutely, YES!
Foreclosures are HOT right now and as a savy real estate investor, you'll want to get in on these opportunities now, especially using a short sale strategy.
There are a number of reasons contributing to the hot foreclosure market, some of which you may have seen or already experienced in your own markets.
Lender problems are changing the market right now with stricter lending guidelines and qualifications. Regular bank financing is getting more difficult for the home buyer market as well as the investor market. Slowing sales in some markets along with the accompanying media hype have the public believing the real estate market has crashed and have resulted in large price drops.
Overall buyer demand is down due to concerns in the housing market and difficult lender qualifications. Housing inventory is up because of this and because many builders were building for the speculative investor market which has stopped entirely. In an attempt to influence sales, many builders have cut prices and added incentives. In the lending area, many balloons are coming due and ARMS are adjusting resulting in higher payments which consumers aren't expecting and can't afford.
It's definitely a time to get involved in the foreclosure market and use your short sale strategies!
Happy Investing!
Mary Wozny
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