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In the third quarter of 2024, U.S. foreclosure activity displayed mixed trends. According to recent data from ATTOM, foreclosure starts—the initial phase where borrowers receive a notice of default—reached around 87,000 properties, down slightly from the previous quarter and 13% lower than last year. Many lenders are opting for modifications or sales over foreclosures, thanks to high property values. Foreclosure filings (formal legal actions) remain steady but far below pre-2020 levels, with home equity and loan modifications helping to limit filings. Finally, REOs (properties owned by banks post-foreclosure) are slowly reappearing, as more lenders sell properties through online auctions rather than traditional listings.
Currently, the average foreclosure timeline stands at 815 days, varying greatly by state. Faster processes occur in states like Texas and Michigan, while others experience delays of multiple years. For investors, keeping an eye on foreclosure data and trends can offer insight into market opportunities and shifts in inventory. To learn more watch our video
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Navigating Auction.com for investment properties offers real estate investors insights into bank-owned auction listings. Here’s a quick guide: Listings detail property type, lot size, and potential price estimates.
For bank-owned (REO) properties, titles are typically clean, yet buyers are advised to verify with their own title company. If a property is occupied, interior access may be restricted, making worst-case renovation estimates useful. Auctions often require cash-only payments, no financing. Always check for fees, such as buyer’s premiums or HOA dues, and stay firm on bid limits to avoid overbidding. To learn more watch a video walkthrough of Auction.com In today's video, we dive into two recent real estate deals.
One property in West Virginia faced delays due to survey issues, neighbor disputes, and legal complications but still ended up profitable after renovations. It highlights the importance of staying adaptable when challenges arise. The second deal in Texas was smoother, with minimal rehab needed and a quick turnaround, netting a higher-than-expected profit. It encourages investors to focus on quick, manageable deals, especially during prime bank auction seasons for higher ROI. In today’s blog, we’re covering how to quickly analyze real estate deals remotely using four key criteria.
First, we skip properties in areas with no comps, as a lack of data makes it hard to assess value. Second, we avoid properties with foundation issues unless they’re in desirable markets. Third, teardown properties that require full rebuilds usually aren’t worth the investment. Finally, some properties may be worth monitoring and revisiting later when their prices drop. By applying these strategies, we save time and focus on worthwhile real estate investment opportunities. Stay patient and stick to your numbers! To learn more watch our video walk you through the process. In this video, the Virtual Investors introduce Rentometer.com, a tool for determining rental comps in specific areas. It’s especially useful for investors without MLS access.
We explain how to enter a property’s address, select unit size, and analyze recent rental data to find the median rent in the neighborhood. It highlights how you can use the tool when evaluating rental opportunities or confirming rents for properties they plan to wholesale. For those in real estate, Rentometer offers a simple way to check rental rates and potential returns. |
Paul & MichaelWe buy and sell real estate virtually all over the United States! Archives
October 2024
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