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The Real Estate Disaster Continues to Plague US Real Estate Investors
REO real estate has become the norm in a housing market ridden with foreclosures. Real estate investors try to buy into the short sales fad, but have faced many obstacles. Mark Bradley describes his process of disrobing the short sale profit myth.
By: Mark Bradley
According to Realty track, the figures below describe the current real estate market:
• 1 in every 399 housing units went into foreclosure May 2010
• 322,920 new foreclosures filed.
• California, 72,030 foreclosures.
• 2,075,563 Foreclosed Homes Nationwide.
• 44,623 foreclosure sales may 2010
These figures indicate that, on average, 278,297 bank owned properties currently remain unsold, and over 300,000 new listings will be added to the bank inventory of REO properties each month. Bradley, a commercial and residential real estate investor, comments that on his company website, http://www.ultimatebulkreo.com/
To uplift the economy, banks must rid of the excess unpaid mortgages from foreclosures quickly, and have resorted to market-bottom prices, which ideally promise opportunity to real estate investors. The problem investors commonly ran into was an unresponsive market unwilling to purchase the REO properties the investors sunk time and money into.
Bradley explains that four years ago, due to mounting tax pressure and suffering from burn out after divesting many real estate properties, running multiple companies, managing 20 to 30 employees within each company, and finding no time for his four children, he chose to downsize from the corporate world to a home office after seeing many TV and Internet ads promising fortunes to those who invested in short sales and foreclosures. As a current real estate professional, he thought that the real estate market decline potentially meant profit and more time with his high school-aged children.
Bradley, like many in his shoes said, “If they can make a million dollars with foreclosures, I can too!”
With college tuitions looming, and a college fund already depleted to the point where money needed to be acquired immediately, Bradley invested in dozens of short sale books, foreclosure courses, and attended expensive seminars from the most popular foreclosure gurus. Two months into consuming all of the informational resources Bradley found available, the market faced the worst downturn.
Bradley started with a few investment deals buying REO properties. “Buying short sales and foreclosures was a lot of work. Emphasize lots!” says Bradley.
On top of the work required, Bradley opposed capitalizing on homeowners experiencing distress and devastation. Even though real estate investors were providing assistance when buying REO real estate, being under financial strain with his own children’s tuitions, Bradley sympathized with the fear and frustrations these homeowners experienced. Bradley found himself befriending homeowners and becoming a counselor figure. Unfortunately, he found that counselors didn’t get the property deals.
After experiencing the same frustration that many new investors do trying to find the best deals, Bradley grew wary of investing in another property should the market drop another 20%, and he found hesitation in the government’s actions in mortgage intervention. He feared that President Obama would outlaw mortgage interest deduction for homeowners. Suddenly Bradley faced three college tuition deadlines. He had to do something quickly, and he still believed that investing in bank owned real estate had the financial potential he imagined from the beginning.
After already having spent tens of thousands of dollars on short sale seminars, courses, and book, Bradley faced financial despair. The short sale guru’s had failed to mention that the millions promised to him “could take up to one year of more to do just one short sale deal and that’s if the planet’s are inline,” says Bradley in his website: http://www.ultimatebulkreo.com/
In the next press release, Bradley describes how he broke down the time consuming short sale business into a 5 steps. If you fail to complete any of these 5 steps it is impossible to make any money in short sales.
For more information, go to http://www.ultimatebulkreo.com/
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Page Updated Last on: Jul 13, 2010