I regularly deal with a number of large asset management companies and lenders who need to sell off their real estate owned property, often referred to as REO property.  The word on the street is that most are expecting a 100% increase in the number of properties that are going to foreclosure in the next six months.  I have heard numbers like 200,000 new foreclosures are right around the corner because of the high number of adjustable rate mortgages coming due in November, 2008.  These lenders include Aurora Home Loans, Countrywide, Citibank, Ocwen, Chase, Washington Mutual, and Saxon Mortgage, just to name a few.

The good news is that this presents a great opportunity to buy property at significant discounts.  Just as an example, (one of many) I just helped a couple buy a three year old loft condo in downtown Long Beach for $285,000.  This same unit originally sold for $350,000 when the loft project was brand new out of the box and the previous owner purchased the property for $470,000.  My clients were able to get this property for almost $200,000 less than the original loan on the loft.  Plus, the loft was in excellent condition.  It need almost no work to move into.  It was trashed.  Just the opposite, it was in incredible condition.

What is even more exciting is that the property cash flows with only a 20% downpayment.  So, when my clients decide to move into a home in the future they can rent this property out and start building a real estate portfolio.  It is their first step towards accumulating some real wealth.  Now is the time to get serious.

If you are serious and  want to learn more about how to get access to foreclosure and short sales, sign up here:

http://markshandrow.com/foreclosures

You will get access to my EXCLUSIVE foreclosure, short sale and probate properties, many times before most buyers are even aware that the properties are for sale.

Best,

Mark Shandrow
Your REO and Short Sale Real Estate Expert