over priced REOs

[Terry Hoefer]

after rehabbing/selling my mother-in-laws house, we decided to keep going and find another flip. We are looking in Waukesha County, Wisconsin. Our agent agrees that the banks are setting prices too high in our area to make a profit. We are in the starter home single family, 2-3 bed, 1-2 bath focus. Surprisingly some of these are selling, they must be all cash, which we are prepared to do, because no bank would lend for these dilapidated properties. Is this a local problem, and if so, how is anyone making any money this way?