Hi Jason: I understand your point but I have been making offers weekly in this marketplace for both investment properties and owner occupied properties and I have yet to see one that has sold in the San Diego area for that much under market value. The competition for the properties is just too fierce in the San Diego area. Can you blog and ask if anyone has accomplished this in the San Diego area and how they did it? Most of these bank owned homes get multiple offers that are close, at or over the current market value. Investors are scoping up these properties and sitting on them and renting them out. They know the market will turn and they can afford to pay a premium, hold onto the property as a rental and then sell it when the market improves in the next few years. I worked with another guy that was attempting what you are and made at least 10-15 low offers on bank owned homes. The listing agents practically laughed in my face when the offers came over and told me they were not worth the paper they were written on. Out of all the offers I made for this guy, the lenders did not respond to any. It was way too time consuming for me to HOPE that we would finally get a lender to respond to a very low offer. I hope that makes sense!
San Diego, CA.
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