Podcast: Breaking News, Distressed Real Estate (REO, Shortsales) Market Update

Real Estate Training & Coaching School

Business News, News, Careers, Business

4.4 • 705 Ratings

🗓️ 2 February 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Update on distressed property... -22 million jobs lost -Peak of Forbearance requests was March of 2020 when 8% of mortgages were in forbearance. -Averaging more coming OUT of Forbearance than going IN. -87% of Forbearances are successful -400,000 new ones expected to default plus 250,000 already in system = 650,000 total. During housing crash there were 2 million total. Are you ready to join EXP REALTY? Choose Tim and Julie Harris as your sponsor! Text Tim directly 512-758-0206. Will there be an REO surge? -Not likely anytime soon. Why? -The market will easily absorb inventory, Fed Intervention, -equity. What about Short Sales? -Some short sales or a short sale like solution will arise but no time soon. -FHA borrowers are the most behind, most likely to go into default but also most likely to get government intervention. Also: regarding investors. In 2019 there were 250,000 fix and flips 10 to 12% of all transactions are investor purchases, 13 to 15 billion in volume yearly. Unlike the last time, the big opportunity won't be in buying distressed opportunities. The biggest opportunity will be helping people who have EQUITY but can't pay their mortgage because they've yet to find replacement employment. More facts: According to NAR, 35 to 45% of agents own at least 1 rental property. 90% of investors are 'Mom and Pop' investors who own 1 to 10 rentals. Get to know Tim and Julie Harris:* Tim and Julie Harris are the 5 Star rated, award-winning authors of the best selling book, HARRIS RULES. Available everywhere including Barnes and Noble, Amazon.

Transcript

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0:00.0	Welcome to Real Estate Coaching Radio, starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.
0:21.2	Real Estate Coaching Radio is the nation's number one daily radio show for realtors
0:25.9	who demand authentic real-time coaching.
0:29.1	Get ready for fluff-free, unfiltered, full-strength honesty about what's truly working
0:34.0	to get you into action, helping others, and making money now in today's real
0:38.6	estate market. Now to our hosts, Tim and Julie Harris.
0:45.7	3, 2, 1, and we're back. And today is a bit of a special edition because we have some
0:51.5	interesting information for all of you guys specifically about whether
0:55.3	there's going to be any kind of distressed real estate. And we're talking everything from short sales
0:59.5	to aureos and everything in between. And yesterday, and Julie, I know you wrote in our notes to say
1:05.2	his name, but we didn't ask us permission to use his name on a podcast. That's okay. Did you say it
1:10.7	today on PC? Yeah. Oh, you did.
1:13.6	Well, Premier coaching members, you know. That's Googleable though. You know who we got this
1:18.1	information from, but for those of you on the podcast, we're not going to use his name because he
1:23.4	didn't give us permission to basically say, yeah, that's okay. So premier coaching members,
1:28.0	you know who are sources. The rest of you, well, you're just going to have to trust us that this
1:32.3	guy has seen in the industry as probably the number one expert and has been for as long as we've
1:37.4	been in real estate with regards to everything distressed. He's one of these unique people that
1:42.4	has connections inside the industry on the
1:45.5	broker-agent side, but in the government as well, inside the banks, just in the servicers,
1:50.1	wholesalers, hedge funds. So when I say this guy's got good perspective, it doesn't get much
1:55.0	better than what his perspective is. I'd say, honestly, the only perspective that might be
	...

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