I don`t know about you but there is an increase of Investors seeking to purchase "Single Family Homes, Town Homes and Condominiums" at fifty cents on the dollar.
Majority are willing to purchase more than one unit and have cash available to close quickly.
One major obstacle stands in the way, the lenders aren`t yet biting in many instances.
For whatever reason Lenders treat a "Cash Offer" the same way they treat a conventional loan, it doesn`t make much sense, you would think by now that many lenders are actually looking for "Investors" who are "Ready, Willing and Able" to close within a matter of weeks not long drawn out months.
The handling costs that a Bank must endure to maintain a property is astounding. Insurance, Legal fee`s, taxes, maintenance and manpower add up!
Clearly, these lenders need to commence a separate department to entertain "Cash Offers" or at least know in advance the amount of "Inventory" they have.
I`ve called a dozen lenders in the last 90 days asking if they have an "Inventory Sheet" with Fixed or Set Pricing" the answer is a resounding "NO"..
You would think by now many of these lenders would be "Pressured" by the Fed, to clear out the inventory, yet it`s not happening..
In spite of the rhetorical speeches we hear each week from the Media, nothing seems to be changing and the logjam for "Foreclosures" continues at a snails pace.
Majority are willing to purchase more than one unit and have cash available to close quickly.
One major obstacle stands in the way, the lenders aren`t yet biting in many instances.
For whatever reason Lenders treat a "Cash Offer" the same way they treat a conventional loan, it doesn`t make much sense, you would think by now that many lenders are actually looking for "Investors" who are "Ready, Willing and Able" to close within a matter of weeks not long drawn out months.
The handling costs that a Bank must endure to maintain a property is astounding. Insurance, Legal fee`s, taxes, maintenance and manpower add up!
Clearly, these lenders need to commence a separate department to entertain "Cash Offers" or at least know in advance the amount of "Inventory" they have.
I`ve called a dozen lenders in the last 90 days asking if they have an "Inventory Sheet" with Fixed or Set Pricing" the answer is a resounding "NO"..
You would think by now many of these lenders would be "Pressured" by the Fed, to clear out the inventory, yet it`s not happening..
In spite of the rhetorical speeches we hear each week from the Media, nothing seems to be changing and the logjam for "Foreclosures" continues at a snails pace.
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