As US Foreclosures drop 20% year over year it is great news for the housing market and homeowners who are trying to hang on, but some real estate investors have expressed concern about acquisition and return.
March 11, 2014 /MM-prReach/ —
(San Diego CA.) — CoreLogic released its January National Foreclosure Report, delivering data on completed foreclosures in the United States for the month of January 2014. Dropping from 59,000 in January 2013, the 48,000 completed foreclosures were down by 19% year over year.
Las Vegas real estate investor Glen Plantone said there were just over 200 properties sold in the area at the end of 2013, adding that it was the first time in over six years that sales to third party purchasers- not lenders- had dropped below 300.
Over the last five or six years, real estate investors have been able to pick up foreclosed homes at such low prices they were able to make huge rental profits; especially in cities where mortgage defaults spiked after the housing crash.
While the practice is still profitable, many investors have been finding that it is not as easy it was.
Said Dan Blomquist, spokesman for RealtyTrac, “It’s gotten so competitive that discounts at foreclosure are not what they were. It’s harder for third party purchasers at auction to make a profit.”
Kent Clothier, CEO of Real Estate World Wide (REWW), a real estate education company and real estate database vendor, said of Blomquist’s comments, “That may be true, but it’s not an obstacle for those who have the right systems in place.”
One such system is Find Motivated Sellers Now (FMSN). A cutting edge database program, FMSN enables real estate investment professionals real time access to an extensive database of vacant properties that are either high equity or free and clear.
Says Clothier, “With FMSN, investors know about vacant properties before they ever get listed; before anyone else knows they are available. That gives them a very significant edge on the competition”
Those who are looking for that competitive edge can see a demo of the software in action and learn how it helps real estate investors identify vacant houses, can watch this demonstration of Find Motivated Sellers Now, and see exactly what it does.
About Kent Clothier
Kent Clothier is President and CEO of Real Estate World Wide (REWW), a multi-faceted real estate education company with headquarters in Scottsdale, Arizona; San Diego, California, and Boca Raton, Florida.
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