CARPE DIEM!

One day after Halloween has passed, the Fed. dumped 41bn into the economy to make sure that Banks have liquidity, some will call it a treat. A quarter point cut is followed by a king size treat. The Fed also cautioned about the risk of inflation. The barrel of oil hit $96.00 just as we get into the heating season and of course the holidays are just around the corner. With this cascade of news, the Dow Jones average lost more that 350 points in one single trading session!
Relax, interest rates for a conventional 30 years fixed mortgage are under 6.5% with full documentation and houses are cheap. If you can qualify for a mortgage, now is the time to pull the trigger. There are deals at every corner, builders, lenders and home owners want you if you are willing, able and ready.

Where to find your next property:
1. Lenders' Real Estate Owned (REO) is a good start: foreclosed properties are handled by special REO departments in lending institutions. You can get a list from them, sometimes they will even finance you. It is a win win situation: you get the property off their books and they stop losing money.
2. Foreclosure listings from the courts: this is a popular source, those lists are sold to the public if you do not have the time to go there yourself. There are Businesses that track foreclosures nationwide, subscribe to their website and voila.
3. Real Estate Agents: there are Agents who specialize in foreclosures or work with Lenders, just call around, you will find them.

There are other sources of distressed properties around that you or your friends may know, the bottom line is that you should do your homework: get a pre-approval before you hit the trail because it does not pay to put the cart before the horse, you won't get anywhere.
Drop me an e-mail if you have any questions or comments.
Good Luck.