Citigroup Halts Foreclosures for Gulf Coast Homeowners affected by Oil Spill

Citibank has delayed foreclosing on homes within 25 miles of the oil spill on the gulf coast for the next 3 months.   Good on them.   Read article here.

This is important for real estate investors for the following:  Decisions made by the federal government and large companies can change your business strategy overnight.

For this reason we are always on our toes.  Ready at a moments notice to change our marketing strategy and our acquisition strategy.  We should all be doing this, whether a veteran investor of 30 years or a newbie of 30 days. 

This is a 'survival of the fittest' type of business.

Recently, Fannie Mae changed the rules for what types of mortgages they would be willing to buy (see previous post).  If you previously relied on buying foreclosed properties and using bank financing to do so, then your strategy may be completely shot.  You might not be able to get that loan anymore, because Fannie Mae won't buy it until the year's right of redemption period is up.

Stay on your toes.

Be ready to change strategies at a moment's notice.

Have multiple plans of attack for acquisition, marketing, and exit.

and Get On It!

You can read my other posts here.