Shocking reports of a rapidly declining real estate market are hitting the wires every day now. And not only the main stream media have turned their flag with the wind. "The information that this house is worth somewhere around $280,000 is still unknown to Zillow's computers. It is still unknown to DataQuick.
It is a shoe waiting to drop on this street, where people ? making the same calculations Zillow's computer makes ? might still believe their homes are still worth in the low $400s, or the high $300s. This is a meltdown happening before our eyes." (From: Peter Viles's laland blog) There are two big questions here: 1. Is the claim in this blog article correct, that this house is "worth somewhere around $280,000? (down by over 45 rule" into the picture. Simply put, the 70 of its After-Repair-Value ("ARV"), minus repair costs and loan points. Guess what: Banks know that.
Even the banks that now own thousands of homes as non-performing assets know that. Conclusion? Why don't you leave a comment to this blog post to let me know yours? Investors: What would you offer for this home? And what would you do with it? Now, to the 2nd big question: Most bloggers who are "reporting" on foreclosures and the market crash have been fairly late to the party, and the "news" hasn't changed all that much for at least the last 12 months. Case in point: Compare this article on the same blog with the one quoted above. It's just about exactly a year old. Ask yourself what's the difference between then and now? Not that much, right? So what's the fuss? Investors make money and create wealth in THIS MARKET! Don't sit on the sidelines and be left out.
P.S.: REO Negotiating strategies are a very successful "secret" chapter in my "Short Sale & REO Secrets" course.
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