When is the Real Estate Market going to turn around?
Some experts say that the housing market will not turn around until late in 2011.
One thing for sure is that there is a lot of profit to be made in foreclosures. Either buying foreclosures to hold (which I have done many times) , selling foreclosures as a professional (the commission is often double, I did this thousands of times) or buying foreclosures to live in with your family (I haven’t done that…yet).
The positive side of foreclosures is that the word has never
been in the collective conscience of the American home buyer to this degree ever before. I mean if CNN and the other news channels did as much to promote Coca-Cola as they do promoting foreclosures it would cost Billions!
So the bad news is actually good news if you use it to your advantage. With quadruple the homes going into foreclosure; there are a lot of opportunities to be had, especially when the home buying market is weak. If you have cash, can get some cash or can borrow some cash….buy.
A friend of mine is buying houses every week or so at 30 to 45 cents on the dollar. Even if he just resells them at 65 cents on the dollar he makes a tidy sum.
I personally hate to sell assets, especially during a weak market, but if you have access to only a little money and don’t have the ability to borrow, a little can become a lot just by buying and selling and repeating the process.
I have had a lot of success selling HUD foreclosures.
There is nothing better than selling a home and being paid double commission. I mean why would I do anything else?
HUD pays up to 5% commission and so does the VA so selling a house pays more and as far as I am concerned they are easier, which means I can sell more of them.
In short, no one knows when the market is going to turn around. But not knowing should not stop you from acting. It hasn’t stopped me or my friends.
Search free foreclosure listings to find foreclosures for sale near you.