Marvin Von Renchler, Broker, Portland, OR Doing what you just did. Thousands of real estate people haunt this place looking for clients. You face several problems though. 1---most good real estate people have lists of clients who are all looking for the same thing. Everyone and their cat and dog wants a 'buy'. 2---Real estate people will also buy these deals themselves. If you are dealing with a lot of cash, things will be different and agents will come out of the woodwork. If you are looking for 'creative deals' then you will be part of a vast army of folks trying to do that, and your chances are slim. Yes, banks own homes now. Yes, THOUSANDS of properties have been, or are being foreclosed on. Does this mean deals are everywhere? NOPE! The banks dont deal. Sellers cant deal. Our government (VOTE OBAMA OUT) guarantees the banking industry wont take losses so the banks have no motive or desire to 'dump' properties.
I am a 33 year seasoned buyers broker. I was operating as a buyers representative before real estate people even thought about agency. I do not believe it should be legal to represent both buyer and seller in the same transaction. I was giving creative buying seminars in the 80s when one couild actually use creative financing to steal 'dont wanter' property. That said, I will only deal with buyers who are using cash. Buyers who are properly counseled and know whats really going on out there. Sure, once in a while everyone who keeps dogging it will find a gem and make some big bucks but in this market its a lot harder to do. Profits are not as large. Many investors are looking for rentals and longer term ownership. They are not trying to flip. Flippers must go for houses in bad enough shape so the banks dont want to deal with the problems. Not many of those around either.
Are you a flipper or do you want to try and ride out the next few years by holding properties? I will go on record to say we have more bottom left in the Oregon market. I dont care what the spin doctor reporters say. I dont care what the government wants the people to believe. Its bad out there and will be worse before it changes.
So, if you are a flipper and need to use creative ways of purchasing, welcome to the throngs of other hopefuls. Sorry if I sound negative----Im very positive. I just call it like I see it.