Key Highlights

  • Real estate owned (REO) foreclosure properties offer low costs AND high potential investment earnings
  • Scan and research REO foreclosure listings

Some real estate professionals, lenders and economists are predicting a wave of foreclosures due to surging new COVID-19 infections, pending business re-closures due to those infections, pending unemployment benefit enhancements ending and an uptick in joblessness.

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No, this is not déjà vu of the foreclosure crisis of 2008-2009. The 2020 housing market is strong and lending practices are much more sound. No, if there are a slew of foreclosures in 2020, their cause will be the coronavirus pandemic and its tentacles into our economic lives, not inflated lending practices and overbuilding.

If you and/or your clients are in a position of liquidity strength, you and/or your clients may be able to take advantage of any foreclosure wave that may come about by investing in real estate owned (REO) foreclosure properties.

Of course, you and/or your clients can find and purchase foreclosed properties at auction or at sheriff sales but a great way to find and purchase REO foreclosed properties by checking out the below listing sources.

These listing sources have key advantages:

  • These properties are already claimed back by the bank/lender that held the original loan and they come with clean titles.
  • Lenders who now own these properties are highly motivated to sell them. Often they tried to sell these foreclosed properties at auction and didn’t. You as a skilled REO agent have a great advantage to negotiate a great price for REO foreclosure listings for yourself and/or your clients.
  • Properties on these listing sources eliminate the “sight-unseen” risks involved with auction companies and sheriff sales. These listing sources have virtual touring availability.
  • Typically, properties with clean titles have cleaned out interiors so you and/or your clients will not be concerned/bothered with post-foreclosure “stuff” removal.

Most banks/lenders have in-house REO foreclosure listings. Check out some of the large outfits and banks in your area:

  • Wells Fargo
  • M&T Bank
  • Ocwen
  • SunTrust
  • BMO Harris
  • Chemical Bank
  • Bank of America
  • BB&T
  • People’s United Bank
  • CitiMortgage
  • Fifth Third
  • Flagstar
  • PNC
  • First Tennessee
  • Regions
  • Republic Bank
  • First Citizens
  • Zion Bank

Also, check out:

  • Auction.com
  • HomeSteps
  • Foreclosurecom
  • HomePath
  • Hubzu
  • RealtyTrac

 

Thanks to the Motley Fool’s Milionacres.

Also read: HUD Expands Home Retention Measures for Owners Impacted by COVID-19, Podcast: How to Make Money NOW | What’s Working Now, Lead Gen, Winning Listings | Tim and Julie Harris, State Coffers Empty – Tax Hikes Coming?