More Bank Failures This Past Week
When will the bank failures end?
On Friday, July 16th, 2010, the FDIC announced 6 (SIX) more bank failures. We are currently up to 96 failed banks for the year and we’ve barely passed the half way mark.
For the record, if you haven’t been paying attention to this trend, last year we had 140 failed banking institutions… that was for the whole year!
If we stay on the current pace, and I’ve mentioned this before, we will close out 2010 with a whopping 180 failed banking institutions!
If you don’t think the banks are motivated to deal real estate, you are completely wrong. They just can’t let on that they are.
The bank executives and negotiators are motivated just like you are motivated when you have an investment property to sell or lease. It’s a game of cat and mouse though. They can’t let on how motivated they are because then the sharks start circling. They MUST cover up the blood in the water as much as possible and paint as rosy of a picture as they can, otherwise they will be finished MUCH faster than anyone wanted and it will not do your community any good to have more failed institutions. It puts people out of work and lowers the number of lending institutions.
To be VERY clear, I do NOT wish harm on any of these banks or bank executives. My point is, they need to sell and if you can present a deal that makes sense and that they can live with, they WILL do the deal.
You will NOT get anywhere if you walk in like you are all high and mighty and expecting them to bend over for you. It’s not going to happen. They will usher you out the door faster than you walked in and likely will NEVER do business with you. Show your local banker some respect.
Build relationships with them and let them know what you can do to help them out. They may just let you know about a property they are having trouble moving and then you can continue to build your business relationship from there.
If you would like to have a free report to see how you can work with some of these banks to help negotiate loans and get funding through groups that ARE lending, go check out this free report I have for you.
http://MyRealEstateFunding.com
Take a look at that report and we will have a webinar you can watch for more information.
Happy and Profitable Investing.
