So says Colorado Springs, Colo., real estate agent Shawn Jardine in a recent article from the Christian Science Monitor:
“It’s a feeding frenzy right now. On one property listed for $65,000, I had 15 offers. The best offer won at $20,000 over asking price.”Wholesalers, which are basically investors with lots of money who can buy in bulk, are “snapping up” a healthy chunk of the best distressed property deals currently available on the market.
It’s common these days for wholesalers to swoop in and make all-cash offers, making it difficult for first-time homebuyers and other “small-time” investors to land their deals.
With the nationwide housing market riddled with bargains, and a volatile stock market, wholesalers are literally banking on the notion that the market will eventually rebound. Perhaps not to pre-collapse levels anytime soon, but nonetheless, it’s bound to happen.
Read more here.
I was a first time home buyer and I was so worried about wholesalers getting all the good properties that I was looking at. I was able to grab a house at a foreclosure sale with the help of bidazforeclosures.com
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