The leftists then scream about the nasty big businesses. People with "less than stellar credit" shouldn't be buying a house. They should be changing their behavior so their credit is good. Sure, but just try to sell that message to an electorate full of people with "less than stellar credit". ;) The Hillary message that "everyone deserves to own a home and if they can't swing it financially it's all the fault of Big Business" is going to resonate big time in the 2008 election. It's what people want to hear.With her message, people with "less than stellar credit" will only hear from the bank that forecloses.
My ex and I are going to buy one of those repos from a bank....because WE save and have stellar credit.
I guess that old adage, "Them that has, gets" has SOME truth to it. :o) People who don't know that have "head" problems: head in the clouds, head in the sand, or head up their butts.
If you have a friend with a RE license in the area in which you want to buy, ask them to have their title company rep run a list of defaults. This will get you information about homes which have not been served a notice of default. It may be easier to get a bargain from the owne occupant than the lender after foreclosure. Many lenders in our area are trying to get market value.
Also, the licensee can run a property profile and get the mortgage info and compare it to the market value.
I have heard that one major investor is buying 300 properties from Countrywide at 760% of current market value. However, that's not the level I can play at.
Best wishes!