I have been getting email updates from RealtyTrac, a foreclosure website, for about 8 months. Each email alerts you to a newly foreclosed house in your area.
They would come in about once a week when I started, but they have been picking up as time has passed. I noticed that in the last couple of weeks that they are coming at 1 a day, and the total number in foreclosure at any given time has climbed from the low 20’s to 70.
I sense that within the next 6 months to 1 year that there will be a lot of desperate sellers out there dying to unload their homes.
Any thoughts?
Replies
You are probably right. If you're looking to buy, get your cash ready.
I dont know where you live but the market is hot in a lotta places here in oregon, People that have not bought in the past few years are finding themselfs outta the game Bend oregon is the fastest growing in the nation,going up 17 percent a year, You cant save for a down payment enough
jimbo
Would you please fill out your profile, at least give a rough idea where your at, helps us to better relate to the idea of the thread.
Thanks
Doug
I sense that within the next 6 months to 1 year that there will be a lot of desperate sellers out there dying to unload their homes.
You won't have to wait 6 months. There are already far more deperate sellers than there are buyers. You probably could "pick up" many of these houses very easy if they meet your investment strategy.
blue
"...
keep looking for customers who want to hire YOU.. all the rest are looking for commodities.. are you a commodity ?... if you get sucked into "free estimates" and "soliciting bids"... then you are a commodity... if your operation is set up to compete as a commodity, then have at it..... but be prepared to keep your margins low and your overhead high...."
From the best of TauntonU.
Just another thought about foreclosures.
In our area, foreclosures have been occuring at alarming rates for some time now. I started discussing these issues several years ago and a lot of the things that I read that predicted them are now occurring. I think it's going to get a lot worse here in MI, than it already is. I hope I'm wrong.
The current situation is causing a lot of people to do things that they never thought about before. For instance, we currently are framing a spec house for a builder who is building it on a fixed fee. The owner of the lot is paying them a fixed fee. The owner of that lot is the bank!
That puts the bank in the building business, doesn't it?
blue
"...
keep looking for customers who want to hire YOU.. all the rest are looking for commodities.. are you a commodity ?... if you get sucked into "free estimates" and "soliciting bids"... then you are a commodity... if your operation is set up to compete as a commodity, then have at it..... but be prepared to keep your margins low and your overhead high...."
From the best of TauntonU.
blue,
Investigation may reveal that the builder is so deep into the bank that they are using this as a way to keep him afloat for awhile and recover some of their investment.
Seen it happen before.
No, the original builder already lost the lots. He's tied up on litigation on another. There's a basement on it sitting idle for 6 months now.
blue"...
keep looking for customers who want to hire YOU.. all the rest are looking for commodities.. are you a commodity ?... if you get sucked into "free estimates" and "soliciting bids"... then you are a commodity... if your operation is set up to compete as a commodity, then have at it..... but be prepared to keep your margins low and your overhead high...."
From the best of TauntonU.