Articles For Aspiring & Active Real Estate Investors
As of August 2020, one in every 13,791 housing units has a foreclosure filing against it. While national foreclosures and short sale numbers are down over last year, the numbers are steadily increasing over last month. The top three states in the US to have foreclosure filings are South Carolina, Florida and Iowa.
So, what does this mean for the overall real estate market? Given the pandemic and subsequent economic fallout, increasing foreclosures may become more prevalent as job losses continue and unemployment rates remain high.
The foreclosure process is both emotionally and logistically painful for the affected homeowner. The homeowner will face not only the loss of a home, but severe damage to his or her credit.
A real estate investor’s primary job is to find problems and identify creative, win-win solutions for all of the involved parties. Foreclosure investing is a perfect way to make these solutions. When a solution is found, then money is made!
According to the 2020 Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS® (NAR) Research Group, 41% of listed homes have a price reduction before they get an accepted offer. This means there's usually some flexibility in the listing price, if you use the right offer strategy.
Lowball is a common term when it comes to any form of commerce. We typically see the word pop up when someone is buying something secondhand from another individual.
Let’s say you go to a swap meet or a garage sale and you find something that you’re willing to purchase, but the price is too high.
You can either:
If you chose Option 2, then you chose the basic principle of lowballing.
Now that we've covered the basics, here’s everything you...