Making Big Profits With Pittsburgh Foreclosures a Thing of the Past
Waves of novice investors drive foreclosure prices through the roof
For many years local investors were able to make great livings by investing solely in Pittsburgh foreclosure homes. Competition was not so steep, there was plenty of selection, and the profits to be made were astounding. Unfortunately like most good things, this set of circumstances has come to an end.
These days there is so much competition for Pittsburgh foreclosure listings it's almost silly. And most of the people among the competition have no right to even be investing in real estate. They simply heard about the profits others were making over the last few years and decided they'd give it a try. This is great for driving foreclosure prices through the roof, and very bad for your profitability.
Wise investors though are conceding this losing battle and moving on to greener fields. The next hot investments in real estate are wholesale properties and pre-foreclosures. Maybe you've heard of them, but hopefully the scads of new investors have not and won't for some time. Where there is little competition among listings, there is great money to be made.
Pre-foreclosures, also known as motivated seller listings, are a hot topic today more so than a couple years ago. Because so many homeowners are struggling with payments and are close to losing their homes, they are being creative in looking for ways to avoid foreclosure. One of the ways to do that is to sell their home to an investor like you for the outstanding mortgage amount. This way they can avoid foreclosure entirely, and not have the black mark on their credit.
For you, by buying the home for the mortgage payoff, there is potential profit in the equity the homeowner has built up over the years living in the home. Many have been in their homes several years, making these very good investments.
Other investors often times need to unload properties quickly. Whether it's to free up cash, or maybe they just don't have the time to renovate a property for resale, deals where you can buy a home for far less than full market value present a great opportunity as well.
The reason new investors don't know about pre-foreclosures or wholesale properties is because you don't see them listed everywhere like you do bank foreclosures in Greater Pittsburgh. Let's hope it stays this way. Right now, there are very few places where you can find them, and one of those places is our site, MyHouseDeals.com.
At MyHouseDeals.com we give you the tools and information you need to find, investigate, and purchase the latest wholesale properties and pre-foreclosures. Our site is updated every day with the newest listings for these types of properties in the Pittsburgh area.
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