For me it seems that many sellers are still in denial or they have just given up on wanting to be helped. Case in point: I had a seller that I was working with about 6 months ago. He had a property located in Inglewood and was behind 3 months in payments. At the time there was about $150-180k in "equity" (we all know that it's only equity if you actually get cashed out of the mofo.) At that time, he wanted $60K cash and he would walk away.
Not a bad deal because I was going to stick in the Land Trust and hold if for many years. The deal looked really good on paper - as many of them do (!). He had an adjustable - but he would refinance it for me-check! He was willing to hold the loan for 7-10 years-check! I was going to give him the $60k once he refinanced-check! Seems like a good deal if it all worked out. But (there's always 
a but) he would not sign the Proposal Agreement! I let him know that I would not move forward in the deal unless he signed, he simply refused to sign it "right now". He wanted to wait until I found my buyer/tenant to move into the house and then "we would do all the paperwork at once". Of course the deal fell by the wayside and I moved on. No ticky - No washy.
Now... 6 months later I just received an email from this fine fella and he is offering me the same deal - but now he only needs 30K to walk away for good. It seems he has managed to hold on this long. Wow. So I guess he is one of the "lucky ones". That is; he is still in his house and it hasn't gone back to the bank yet.
We'll see what happens here. There are more deals that are not happening rather than happening and I am developing a "we'll see" attitude for now. Is it me or are there not enough deals popping here in L.A? The only successful deals I am hearing about are Out of Area/State. What about you?
