Are Foreclosures Dead?

A foreclosed house with a red foreclosure stamp running along the top of the picture.

Every since the real estate market has recovered from the 2007 recession foreclosures seem to be a thing of the past. From the years of 2007 – 2013 there was an overwhelming influx of foreclosure properties that were available to the public. So many investors wonder if foreclosures are a dried up source of deals. The short answer to this question is no.

 

There will always be homeowners who face financial difficulties that will have trouble making their mortgage payments. As banks loosen up there lending guidelines this will also lead to potential foreclosures due to the fact that riskier buyers are now getting loans.

 

If you are trying to purchase a foreclosure there is a 30-60-90 day list that you can purchase through the credit bureau’s. The credit bureaus have all the up to date information on who is not making there mortgage payments on time.

 

As with any source of finding discounted properties if nobody is going after foreclosures that should make you want to pursue them even more.

 

Banks have no interest in retaining properties which is why they are motivated to sell them at a discounted price. Banks are not in the real estate business, they are in the lending business. Try reaching out to your local banks to see if there are any properties they may be looking to sell that are currently in foreclosure.