Zombie Foreclosures a Good Buy?
Zombie foreclosures, which are foreclosures vacated by the property owner, can be a good buy for real estate investors looking for cheap property.
That’s because zombie foreclosures often sell at a discount compared to owner-occupied foreclosures. Banks have a particularly difficult time recovering their investment in zombie foreclosures because the homes frequently fall into disrepair after their owners vacate the premises. And RealtyTrac’s Zombie Foreclosure Report for the second quarter of 2015 showed that the percentage of properties undergoing the foreclosure process that qualify as zombie foreclosures is rising as the overall number of foreclosures drops. So real estate investors looking for a good buy in the foreclosure market would do well to look for zombie foreclosures in their area.
On this episode of Big Money Real Estate, Ilyce reviews the second quarter zombie foreclosure numbers with Daren Blomquist, Vice President at RealtyTrac. You’ll want to watch their conversation if you’re wondering what the average discount is on zombie foreclosures so that you know if you’re making a good buy.
Check out Ilyce’s Intentional Investor Series to learn everything you need to know to become a successful investor in real estate.
Click here for a link to RealtyTrac’s Zombie Foreclosure Report for Q2/2015.