In Jay Conner’s observation, there are two categories of foreclosures. There are those who are already in foreclosure before the pandemic. And there are those who are experiencing or going to experience foreclosure due to unemployment because of the pandemic.
Watch this short video now and learn from Jay & Colin on how to adapt and take advantage of these upcoming foreclosures.
Colin is a full-time investor who lives in Tampa Florida with his wife and two children.
Over a 16 year career, he has bought and sold more than $100 million worth of real estate in the US and UK markets, including 350+ fix and flips in Tampa between 2015-2020.
He has experience in a wide variety of real estate-related activities, including buy & hold, fix and flip, wholesaling, tax liens, tax deeds, foreclosure auctions, note investing, private lending, and more.
For more valuable information click on this link and watch the complete episode: https://youtu.be/pacA0l23jDQ – “The Foreclosure Tsunami Is Coming… with Jay Conner & Colin Murphy”
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Jay Conner:
There’s two categories of foreclosures. From my observation, you’ve got all of this people that were already in foreclosure before the pandemic came along, in March, 2020 and then pandemic comes along and now you’ve got this whole nother new category of people in foreclosure that are in foreclosure or will be in foreclosure because of going on unemployment or whatever. But I agree with you, Colin. I don’t believe we’re going to see what we saw with the glut of foreclosures, as we saw back in 2007, eight and nine, that was a different scenario. And plus, when those foreclosures came along way back then we didn’t have the low inventory like we’ve got right now.
Colin Murphy:
Not only that, but it’s very difficult to envision a situation certainly in Florida where huge amounts of people will be underwater on their mortgage, where the value of the amount of money they owe on the property is higher than the value of the property. We saw a lot of that in 2009, 10 and 11, where people had $200,000 mortgages on a house that was not worth 130. So that’s, nobody’s going to sell that. I mean, you’re probably, it’s going to end up in a foreclosure more likely than not, but nowadays you have a lot of people that can’t pay their mortgage, but it might be $200,000 mortgage, but the house is worth maybe 250 or 280. So as long as people aren’t, those who don’t have their head in the sand will just list that property for sale and start renting somewhere.
And unfortunately do have a lot of people with heads in the sand through, just death, drugs, divorces, all that sort of stuff. And they just refuse to pay their mortgage, refuse to list their house for sale, refuse to face reality. It’s just going to be a ton of those coming out. But for the regular folks that just lost their jobs, can’t pay their mortgage, but are not totally on a test to reality, the easy thing to do is list the house for sale. Cause it doesn’t really matter how, what condition it’s in. You’re more than likely going to be able to sell it for more than the mortgage value, unless something changes pretty dramatically.
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