Sorry guys- been a long time. I’ve been SLAMMED with these REO Listings from Countrywide. I’ve sold 8 in the last 3 weeks, all with multiple offers ABOVE asking price, all within the first 3-4 days on market. Yes, the below $250k priced homes are flying off the market. We’re down to a 6 month inventory from a 14 month supply months ago in this price range, and it’s considered to be at a ‘balance market’ level. I’m not kidding- the below $250k REOs are flying right now- if they’re priced right. Email me if you want the best deals. I’ll try to update my market charts this week for you guys…

I have an opportunity to bring you REO’s at 50% of their appraised value. These are all homes worth a MINIMUM of $50,000, but you’re buying them for $25,000. They are GUARANTEED to appraise for a minimum of $50,000 or the bank will trade it out for a different property. These are all over the country. Here’s the fun part, we’ve had homes that appraise for $75,000 to $150,000, yet you still only pay $25,000. What a great deal! Where else can you buy homes for $25,000 at 50% of their GUARANTEED Appraised Value? I challenge you to look- you won’t find it. Sure there’s lists out there, but who’s going to GUARANTEE their value, and agree to switch the home out if they appraise for less than $50k? No one…  Not only that, but I’ll teach you how to flip these houses for some quick and easy profits, if that’s what you’re looking to do! You can be in and out of the deal within weeks, with a nice, hefty profit to boot. Roll those profits into more of these properties for a RAPID GROWTH in your portfolio! If you are interested, contact me IMMEDIATELY before this opportunity is gone.

I have set a new goal for myself. I am now making a MINIMUM of 10 offers every day. I’m offering on REO’s, Pre-Foreclosures, Fixer Uppers, Rehabs, Rentals and Plexes. The result? I’m finding deals left and right! I’ve got a couple right now that look like they’re good to go, and about 40 others I’m waiting to hear back on. Some days I’m making as many as 30 offers on deals. The properties are all over the Valley, although my focus is in the East Valley (Gilbert, Mesa, Chandler, Tempe). The strategy is to then assign the contracts to you, the investor/buyer, double close at escrow, or, keep it myself. If you’re interested in getting in on the action, please contact me and let’s get you in on these opportunities before the market tightens back up!

The Phoenix Business Journal took a dig at us Realtors in this article posted Thursday. What cracks me up is that the article has somewhat of a negative tone towards the National Association of Realtors and Realtors in general, as if they’re hypocrites or something. To me, when I read this article, I’m thinking ‘WOW’! ONLY a 1.2% Decline for 2008?  MAN- How are we NOT going to see the bottom of the market this year??? Considering we’ve seen a 12% decline in the past 1.5 years or so, a 1.2% for the entire year is AWESOME! Now, let’s get some perspective here- if your home is worth $300,000, and we see a 1.2% decline- we’re only talking about $3,600 total decline in the price of your home! Considering the hits we’ve seen, this is nothing.

Let’s get some more perspective… if you’re buying investment property right now and are worried about the market dropping after you purchase, this should ease all your worries. Assuming you’re using me to find your deals for you (HINT HINT), I’d be putting you in deals 20-30% BELOW MARKET VALUE. Who cares IF the value drops 1.2%? You just walked into 20-30% in equity!  The market could drop another 10% or more, and you’d STILL have an awesome deal! Additionally, I only put my clients in deals that are good, solid, long term investments and areas. So you can be assured that the values in those neighborhoods are more secure than others out there.

Whenever I’m reading or watching the media hype on all the foreclosures, I see the other side. My perspective doesn’t sell subscriptions or higher priced air time, but it brings me great comfort that there are incredible opportunities out there for everyone. If you are interested in picking up some investment property (REO’s, Short Sales, Foreclosures, etc), please give me a call and let’s find you a great deal or three. I’m finding them all day long, in every price range, every neighborhood. Let’s build your wealth and retirement portfolio together.

Well, let’s get this white elephant out of the living room. Bank of America agrees to buy Countrywide Financial for $4 Billion in stock. Wasn’t is just a few months ago B of A infused $2 billion into Countrywide as a "line of Credit’ Loan?  huh- seems like we, the public, were led astray to avoid the panic from setting in. So, essentially, they just paid $6 billion to take down the company. As one of the Nation’s top tier lenders, you would think they could get the beast under control. Yet, I’m still seeing most of their foreclosures get taken back as REO at the foreclosure auctions here in Phoenix. I’m seeing most of their short sales go unapproved when they have solid, ready to close buyers at nearly full price. They’re taking back the majority of their foreclosures without addressing the internal problems of loss mitigation. You would think they saw this coming, and would’ve made corrections long ago. I’m not too surprised at all. They needed to completely revamp their lending standards, as well as their loss mitigation standards. Loosen up their regulations, and start dealing more freely with buyers/sellers before they take back the REOs.

My prediction is that there’s going to be a large surge of REO inventory within the next 6-12 months, banks finally realizing they need to dump their properties and get them off the books. REOs will be picked up for pennies on the dollar (more so than they are now). It’ll be interesting to see how B of A handles their inventory of non-performing notes and REOs as well. Maybe they have figured out how to deal with the current problem, and start pushing deals out for the investors to enjoy. At the same time the Fed is cutting rates and pushing money back into the economy. So if B of A loosens up their lending standards somewhat, we’ll have a stronger buyer’s demand, as well as strong supply. Watch this to get an idea of how the Federal Reserve works.

I’d really like to see the numbers of outstanding liens/debts they have on the books now- see how much of a bargain Bank of America walked into for their $6 Bill. If they know how to deal with loss mit and REO’s properly, they can easily turn this nightmare around and take in some very large profits. My guess is that is exactly what they’re thinking, and changes are hitting the cubicles of loss mit reps’ desks already. The next few months will be very interesting. Are you ready to pick up more REOs?  Contact me ASAP to find the best deals!

If you’re looking for Pre-foreclosures, Foreclosures, REOs or deals of any kind, sign up for my Deal Alerts and you’ll be notified of any new deals that come through the REI Pipeline. These are perfect for keeping as long term rentals or fixer-uppers that you want to rehab and flip. I am currently tracking every foreclosure and REO in Maricopa County- You won’t find deals this good anywhere else!  Or, if you’re rearing to go and looking for a deal NOW, I can go ’shopping’ for you and find the exact deal that fits your criteria. Just contact me and we’ll get going on finding the perfect investment property for you!

Let’s work together to make 2008 the best portfolio building year yet!