Bank Repos, Short Sales, Foreclosures, REO

In spite of the gloom and doom we continue to see in all media, it is good to know that folk may finally be waking up to the fact that this bottom may not be too far away.

Millions missed the top and got caught holding a hot potato. By the time it was all over the news, they had all missed the top and were trapped.

Similarly, trying to time the bottom (when it comes and how long it lasts) may proof to be equally futile. By the time they get the news that it is OK to buy real estate again, they would have all missed the bottom.

The question is, when its 2014 (just 4 years from now), and you look back at the opportunities that you missed in 2009, will you be glad you waited or will you be kicking yourself for not having had the vision to buy your first or move-up home (even other investment property).

Remember, luck is when preparation meets opportunity. Will you be celebrating your luck in 4 years or accusing others of being lucky?

The window is wide open with bargains, savvy buyers/investors are going to be the clear winners of today's real estate game. We may not see another opportunity like this in a while, so it is critical to work with specialists who can help you quickly capitalize on this market. THE REAL ESTATE MARKET IS IN A CYCLE, WILL YOU BE LEFT OUT AGAIN?

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Source: Reuters News, Patrick Rucker

Bargain Hunters Have Field Day With Bank Owned Homes

Banks that are flooded with foreclosures are dumping them onto the market and bargain hunters are having a field day, and some observers are saying prices won’t go any lower.

Mark Partipilo, a Las Vegas real estate investor, isn’t alone in concluding: "In this market, there are so many REOs that the banks are getting their clocks cleaned. This might not be the bottom, but waiting six months might be too late."

Banks might be reluctant to sell cheap, but most are agreeing. "Banks that are not in Disneyland recognize that these sales are the reality today," says Denny Grimes, a practitioner and owner of Danny Grimes Co. in Ft. Myers, Florida.

"Markets where a large share of homes are heavily discounted because of REO sales, they may be seeing a bottom," says Cynthia Kroll, an economist and real estate market scholar at the University of California, Berkeley.