OfflineI went around in the Brooklyn area of New York last couple of weeks and made a few offers for foreclosures and the issue that I have been running into is that most of these properties, short sales included, are heavily driven by all-cash investors. It seems to me that putting no money down wasn't an option and if you wanted to put less than 20% down you won't even have a shot because some foreclosed properties have like 8-10 buyers and 2 or 3 would come in with all cash. Believe me I tried to think outside the box on this one but I can't figure out how to out-do these people. I suddenly realize that cash is king in the foreclosure business, at least here in NYC. Does anyone else have the same problem in their bid for a foreclosed property?
Buying a Foreclosure Not Realistic in NYC?
Posted on: Fri, 10/24/2008 - 21:17
Buying a Foreclosure Not Realistic in NYC?
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- by realestatenoob
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That is definitely true here, too.
Maybe that's where hard money lenders come in. With their backing, can a person make an offer as "cash"? I would think so. Anybody know for sure?
(Good question, realestatenoob.)
Rina
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Wow, NYC with only 8-10 buyers per foreclosure. I would say the odds are in your favor. Just put in 25 offers per week and you will get a property with in a couple of weeks. Don't worry about the whole cash thing. Just put in offers and watch what happens.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Rina - Any idea where I can find these hard money lenders besides looking for an investing partner or from friends/family?
cbrpower - There aren't that many foreclosures that interest me which will allow me to put in 25 offers. There are only a handful of foreclosures and a lot of all cash buyers. I am starting to look elsewhere now and hopefully I will find something soon.
Thanks!
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Did you try the Internet search engines? Google was an excellent source in finding HML's in my area, SULLY
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Make offers! If you don't make an ofer you will never get what you want. Even if you have hard money, they won't even lend you the money unless you have a good deal in place. So, i have to agree with CBR and he's a superstar, lol.
I've had an offer accepted last week. Well, of course we had to negotiate and we went back and forth. I gave him reason to justify my offer, and he finally accepted it. If you don't take action, a wish is just a dream. Make it happen and don't give up too easy.
Lloydsap