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If the property was acquired in the "boom" years of 2004-2007, valuations weren't based on income or cap rates, but more probably on the value of the property once converted to condos. Those prices were incredibly inflated compared to buying based on GRM or cap rates.
With interest rates where they are, you are competing against not just other income buyers, but also people who are able to "warehouse" the property, and using the actual losses (or booked losses from depreciation and mortgage interest deduction) to offset income from other investments.
Buying a short sale or foreclosure property doesn't mean that you will be getting it at a lower price than similar homes or income properties, it simply means that you are buying it for less than is owed on it from the current owner.
That said, now that most income properties are acquired based on current income and cap rates for the specific market, you can compare the purchase to similar properties.
Here is a list of the documents you need to gather for processing a loan approval, DU Approval or pre-approval letter to be able to go looking and submitting offers. http://tinyurl.com/9m2rsb2
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Intersting would be an understatement! The process can be very long...6 months or longer, and you are purchasing the property as is. There is usually no negotiation if there are any repairs needed, and sometimes you as the buyer will have to pay for things the seller might typically pay for. I am going to have Joscelyne email you directly...