- 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
- BMO Harris
- Chemical Bank
- Bank of America
- People’s United Bank
- Fifth Third
- First Tennessee
- Republic Bank
- First Citizens
- Zion Bank
Also, check out:
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?