NEWSFLASH!!! The MLS IS DEAD!!!!

[FRANK DARIENZO]

You can no longer get any sort of deal on the MLS Period!! I have been at it for 3mo and have used the basic investor formulas for offer 65-70% of ARV minus repairs, and Nothing, Nadda!! The Banks are INSANE on their BPO valuations. I live in west central Florida, "Foreclosure Central", these houses have been destroyed, Vacant for years, everyone needs a roof, roofs are leaking, cielings are falling in, Pools are wrecked , Kitchens are soooo outdated and these jackbutt Banks are listing them priced move in ready!!! I am Sick of it!!! I know what I need to do, Spend $$$$ on off market stuff, but that is not going to happen due to $$$$ not in my pocket to spend on that.. I need to do some deals ..........What are your thoughts on this????? Why are the banks pricing these things so high, they got their Bailout for goodness sakes!!!

[Tom Cyr]

The banks are marking them up because the public is buying them. Most of the REI community is not diversified so they can't jump to another vehicle when the market shifts. Overpaying for assets and then losing money is how natural selection reduces the size of the pool of real estate investors at the top of the market cycle.