Truth About Foreclosure

So it has occured to me that there's a lot of buzz around town about "I'll wait 'till there's foreclosures."  "I'll wait until the forbearance is over with"  "I'll w-"  Listen, here's the truth about foreclosure. Believe it or not, there's only a seventeen percent of the market who's in forbearance right now who will actually ever even see foreclosure and that number is way lower than what we normally have in the foreclosure rate.  That's mostly because everyone just about has equity in their house just like we've talked about in the last video.  The average American has over two hundred thousand dollars in equity in their homes.  So there would be no reason to foreclose.  Also I don't really even participate in short sales right now because a short sale is basically when you sell your house for less than what you owe the bank on.  That doesn't exist right now, so there won't be short sales, there won't be foreclosures coming to the market.  And even of the few foreclosures that do come to the market, here's what we're going to see: the banks are going to list at current value.

Post a Comment