Posted by bvmp on November 28, 2000 at 11:16:32:
Newbie here with 4 contracts accepted this week. I think I am on my way. However, I spoke to a Real Estate agent today regarding a HUD foreclosure. I was told to “forget it”. HUD and the banks (REO) in this market ARE NOT selling properties just to get their money back but now because of a seller’s market they are selling at or in a lot of cases, above normal market value. Home here are moving in under two weeks.
My question is this, and please excuse any ignorance implied:
How do we as creative real estate investors survive and succeed in what is called a seller’s market?
If owners are selling their properties so quickly, and buyers (even with marginal credit) can readily obtain low interest mortgages, how should we be structuring deals to get owners to accept our deals and so that we can make money in the process? Or is a seller’s market just what we are looking for?
Your insight and replies are greatly appreciated.