242: Rookie Reply: How to Get a Better Price on That Off-Market Property

Real Estate Rookie

BiggerPockets

How To, Entrepreneurship, Business, Education, Investing

4.7 • 1.8K Ratings

🗓️ 10 December 2022

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Foreclosures have slowly been creeping up as real estate values get hit hard. With home prices dropping and a tough economic forecast ahead, could a wave of foreclosures be on the horizon? If so, who will this affect the most—residential real estate investors like Ashley and Tony or commercial real estate investors with their million-dollar multifamilies? We’ll get into what exactly could happen in this week’s Rookie Reply! Ashley and Tony have taken four very different questions this week, directly from real estate rookies like you! They touch on how an upcoming foreclosure crisis brings an opportunity to real estate investors, who covers closing costs and where to find a purchase and sale agreement, home appraisals explained, and how to get funding for your home renovation or rehab! These answers are crucial if you’re looking to invest in 2023, so make sure you tune in! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Could flipping be in danger as interest rates rise and foreclosures start to increase? Where to find a purchase and sale agreement when buying an off-market deal Who pays closing costs and how to negotiate for better terms with a seller Home appraisals explained and how to ensure the appraiser gives your home the highest value possible Funding renovations for BRRRRs and flips, and creative ways to finance your deals And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast BiggerPockets Forums On The Market Podcast Legaltemplates.net BiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren Blomquist Connect with Ashley and Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-242 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This says real estate rookie episode 242.
0:05.5	So when you think about a foreclosure, it means that someone is now underwater on their property, right?
0:10.5	Like they owe more than what they could sell that property for and that's when the bank has to come in and foreclose in the property.
0:16.0	So are we going to see a bunch of foreclosures in the near future?
0:20.0	I wouldn't think so just because of how much equity and the appreciation we've seen over the last couple of years.
0:26.0	Even if someone isn't necessarily able to maybe afford those payments anymore because they lost their job or whatever it is,
0:33.0	there is probably enough equity for them to go to the market and sell it.
0:37.0	My name is Ashley Care and I am here with my co-host Tony Robinson.
0:42.0	And welcome to the real estate rookie podcast where every week, twice a week, we give you the inspiration, information, and stories you need to hear to kickstart your investing journey.
0:50.0	And I want to start today's episode by shutting out jocation on Apple Podcasts.
0:54.0	You'll have to fire start reviews saying this podcast has been so inspiring to me.
0:58.0	Ashley and Tony have created such an excellent real estate investing learning platform.
1:02.0	Keep up the great work. I really appreciate you to real estate rookie.
1:06.0	Absolutely. It must have highly recommend. So if you guys haven't yet, please leave us an honest reading review on Apple Podcasts or Spotify or whatever platform is you're listening to.
1:13.0	The more reviews we get, the more folks we can help. And that's always our goal here at the real estate rookie.
1:19.0	So Ashley, I can't believe we're at 242.
1:22.0	I know.
1:23.0	It's unreal, right? There's almost 300 episodes with real estate rookie podcasts.
1:29.0	Yeah, it is crazy. And I think when we get to 500, we need to do something really cool to celebrate that milestone.
1:38.0	While we wait for 500, I was thinking 300, like 300 is a big deal.
1:42.0	Every hundred.
1:43.0	Yeah, every hundred. We got to do something big.
	...

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