Current Market
The financial crisis in the housing industry has created the largest real estate inventory in history, and the $700 billion bailout is all the proof. The real estate market is so awful that buyers/investors are now scooping up homes for as little as $1,000.
Normally you go to a bank looking for financing for real estate, but now banks need you to bring the money to them. Right now banks are strapped for cash and you could turn the crisis that the banks are feeling into opportunity. Foreclosures have turned banks into property management companies and they just want to get these properties off their books. That is why the current financial crisis is actually a financial opportunity.
When you are a bank and do not lend money you don't make a profit. When you don't make a profit you go out of business. Without banks lending money or providing credit, the economy goes into a rapid decent. This of course explains the $700 billion bailout.
Meanwhile every new foreclosure is a threat to the banks existence today. First lenders already have too many loans going bad and they do not want the properties in their inventory. Every foreclosure decreases profit and brings the lender closer into a crisis.
That is why if you can offer the bank a way to make a profit and dump the property, they are willing to listen and make deals - good deals! It is a buyers' market.
Remember real estate is everywhere and under everything. You can print more money but you cannot make more land. Real estate values always recover from a downturn in the market.
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