324: How To Find Deals At Property Foreclosure Auctions
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 21 December 2020
⏱️ 38 minutes
🧾️ Download transcript
Summary
Learn mistakes to avoid and how to buy a distressed property at a discount at a foreclosure auction.
First, the average borrower now has $194K in home equity due to high recent home price appreciation. Only 3% have a negative equity position.
Freddie Mac shows home prices up 9.7% year-over-year.
First American’s Real House Price Index accounts for home prices, interest rates, inflation, and affordability. The surprise? Real prices are down 26.8% since January 2000.
Today’s guest, Colin Murphy, is an acknowledged expert in buying properties at foreclosure auctions. He reveals how it works in some Florida counties.
Death, divorce, drugs, and unemployment can all lead to a borrower missing mortgage payments and having their property fall into foreclosure.
Foreclosure auctions have moved online in states like Florida (but not Texas). Often, you must give a 5% deposit at bid time, 95% balance paid same-day.
2 minutes of bidding per property.
Learn how high one should bid on a foreclosure property. You can find mortgage, lien and permit information online. You must know how to estimate renovation costs. Assume the worst.
Foreclosure moratoria have created low inventory levels in the market.
Resources mentioned:
More about Colin Murphy:
FATCO’s Real House Price Index:
https://www.firstam.com/economics/real-house-price-index/
Recent Homeowner Equity Gains:
https://www.cnbc.com/2020/12/10/homeowners-gain-1-trillion-from-pandemic-driven-housing-boom.html
Show Notes:
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Winehold. How do you scoop up a discounted real estate deal at a property foreclosure auction? |
| 0:08.8 | We're talking with an expert that's bought hundreds of properties this way. |
| 0:12.1 | Learn some fatal mistakes that you must avoid so that you don't overpay and that you don't mistakenly buy into a deep money pit. |
| 0:20.1 | What happens at a foreclosure auction today on Get Rich Education? |
| 0:27.3 | The people that our listeners can't stop talking about are Ridge Lending Group and |
| 0:31.1 | MLS 42056. |
| 0:33.0 | They provided you with more loans than anyone. |
| 0:35.6 | It's where I got my last few loans, |
| 0:37.9 | and they finance single-family income property up to four plexes. |
| 0:41.2 | They're the number one lender for both beginners and veterans. |
| 0:44.8 | Start your pre-qualification, chat with President Chaley Ridge personally, |
| 0:48.5 | and you'll end up with your custom plan for expanding your cash-flowing portfolio. |
| 0:52.6 | Start at ridgling |
| 0:54.4 | group.com. |
| 0:58.7 | You're listening to the show that has created more financial freedom than nearly any show |
| 1:04.2 | in the world. |
| 1:06.1 | This is Get Rich Education. |
| 1:21.6 | Thank you. is get rich education. Welcome to GRE from Harris, Pennsylvania to Hattis, Mississippi, and across 188 nations worldwide. |
| 1:28.6 | I'm Keith Weinhold. This is GetRous Education, and thanks for being here. But as always, |
| 1:33.3 | you're not here for me. You're here for you. What's it like to attend a property foreclosure auction? |
| 1:40.3 | These properties become available when, sadly, a borrower defaults on their mortgage payments |
| 1:47.0 | or their other payments for several months, and their property is in the process of being |
... |
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