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.
Download Your FREE Ultimate Agent Survival Guide Now. This is the exact ‘do this now’ info you need. Learn NOW How to Access All The Bailout Program Cash You Deserve. Including Unemployment and Mortgage Forbearance Plans. To Access the Ultimate Agent Survival Guide Now Text The Word SURVIVAL to 47372. 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & privacy: slkt.io/JWQt
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?
