Market Facts
Last year there were approximately 3.2 million foreclosure filings on 2.3 million properties. Filings include notice of default, auction sale or bank repossession. There are nearly a million bank repossessed homes on the market right now, and estimates of 8.1 million more to come through 2012. These homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the “non-income producing assets“ when homeowners default.
On average, foreclosed homes are priced almost 40% lower than normal real estate listings.
The lenders selling foreclosed homes have already taken a financial bath, in missed mortgage payments and administrative costs. Every month that an REO home sits empty means another month that the lender has to pay to cover property taxes, insurance, maintenance and the legal liability. What's more, as home prices continue to fall throughout the country, these properties are rapidly depreciating as they sit on the market.
These properties are almost always fixer-uppers and need work, however they're still bargains. As the housing crisis drags on, there are more and more four-figure listings popping up as lenders try to unload their repossessed properties. Since you will be buying properties far below market value, you will create “Instant Equity“. That means you can sell the property quickly because you can still sell below market value and creating a nice profit in the meantime. That is exactly what my manual willl teach you.
Think Green.
We are committed to developing practices and products that help protect the
environment, that is why we are offering our step by step manual as an e-Book.
