Even though I do NOT list or sell Single family homes as a Commercial Real Estate Broker, I do follow and occasionally buy homes for my own sake.
And with the economy headed into the toilet, again. (Thank You Donald Trump!)
I have heard that there are thousands of homes in pre-foreclosure. This means the home owner hasn't made any mortgage payments for months. Thus, here is one explanation:
The temporary freeze on foreclosures applies to Fannie- or Freddie-backed, single-family mortgages only. The pause on evictions applies only to tenants who live in properties that have been acquired by Freddie or Fannie through foreclosure. It does not apply to tenants in homes that have not been foreclosed on.Aug. 27, 2020
So, with homes about to be foreclosed upon; and the amount of homes already foreclosed but still being occupied by the owner or tenant, we are going to see, probably at the beginning of the new year, another tsunami of homes for sale via foreclosure or portfolio sales just as we saw in 2009.
So, if you are a home investor, kind of like me, you are going to see another opportunity like in 2009, to acquire rental properties on the cheap.
Since I was looking to buy another rental property this summer, the wife and I decided to hold off to see just where prices were headed.
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