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Welcome to the Hardcore Husky Forums. Folks who are well-known in Cyberland and not that dumb.

Don’t Plan on Getting a Bargain Price on a Foreclosure Sale

BleachedAnusDawgBleachedAnusDawg Member Posts: 6,627
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Per a trusted source:

I’ve spoken with many clients recently who tell me “I’m going to wait to buy until the housing market crashes, then I’ll find a good deal on a foreclosed property or short-sale.” And I’ve said repeatedly, “Not going to happen.

The latest foreclosure stats are supporting my projection. According to ATTOM Data, there were just over 151,000 foreclosure filings in 2021, down 29% from 2020, and down 95% from the peak of the housing crisis in 2010 when there were over 2.9 million filings.

In fact, 2021 had the lowest foreclosure rates in recorded history, amounting to 0.11% of all housing stock. At its worst in 2010, foreclosure filings accounted for 2.9% of housing stock.

To be clear, a foreclosure filing does not mean the home will end up being sold at auction. A filing occurs when a mortgage falls 30 days late or more but there’s plenty of time to stop the process. A typical “non-judicial” foreclosure will take 120 days at its quickest but the average is closer to 180 days (6 months).

And with so much equity in our local market, it’s most likely that a home in foreclosure will be sold prior to a Trustee’s Sale (auction).
TXDawg

Comments

  • greenbloodgreenblood Member Posts: 13,401
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    Per a trusted source:

    I’ve spoken with many clients recently who tell me “I’m going to wait to buy until the housing market crashes, then I’ll find a good deal on a foreclosed property or short-sale.” And I’ve said repeatedly, “Not going to happen.

    The latest foreclosure stats are supporting my projection. According to ATTOM Data, there were just over 151,000 foreclosure filings in 2021, down 29% from 2020, and down 95% from the peak of the housing crisis in 2010 when there were over 2.9 million filings.

    In fact, 2021 had the lowest foreclosure rates in recorded history, amounting to 0.11% of all housing stock. At its worst in 2010, foreclosure filings accounted for 2.9% of housing stock.

    To be clear, a foreclosure filing does not mean the home will end up being sold at auction. A filing occurs when a mortgage falls 30 days late or more but there’s plenty of time to stop the process. A typical “non-judicial” foreclosure will take 120 days at its quickest but the average is closer to 180 days (6 months).

    And with so much equity in our local market, it’s most likely that a home in foreclosure will be sold prior to a Trustee’s Sale (auction).

    But increasing interest rates should slow demand, and drop prices.
  • BleachedAnusDawgBleachedAnusDawg Member Posts: 6,627
    Standard Supporter 5,000 Up Votes 5,000 Awesomes 5000 Comments

    Per a trusted source:

    I’ve spoken with many clients recently who tell me “I’m going to wait to buy until the housing market crashes, then I’ll find a good deal on a foreclosed property or short-sale.” And I’ve said repeatedly, “Not going to happen.

    The latest foreclosure stats are supporting my projection. According to ATTOM Data, there were just over 151,000 foreclosure filings in 2021, down 29% from 2020, and down 95% from the peak of the housing crisis in 2010 when there were over 2.9 million filings.

    In fact, 2021 had the lowest foreclosure rates in recorded history, amounting to 0.11% of all housing stock. At its worst in 2010, foreclosure filings accounted for 2.9% of housing stock.

    To be clear, a foreclosure filing does not mean the home will end up being sold at auction. A filing occurs when a mortgage falls 30 days late or more but there’s plenty of time to stop the process. A typical “non-judicial” foreclosure will take 120 days at its quickest but the average is closer to 180 days (6 months).

    And with so much equity in our local market, it’s most likely that a home in foreclosure will be sold prior to a Trustee’s Sale (auction).

    But increasing interest rates should slow demand, and drop prices.
    Rates are forecast to be just over 4% by the end of the year. Prices are forecast nationally to still go up 6%. Local to WA, 10-15%.

    No matter how much people wish for a correction it is not happening because there is so little supply. You could cut demand significantly and prices aren't going to tank.
  • El_KEl_K Member, Swaye's Wigwam Posts: 648
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    I always liked hearing the excuse that they want to save more for a down payment. If the house increases in price are you going to match the savings you need? No way.
  • TXDawgTXDawg Member, Swaye's Wigwam Posts: 364
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    And if you think the process of buying a home in a conventional closing is a pain in the ass, wait until you try to buy a home in foreclosure. Even if you got a sack of cash, it ain't like you're picking up a bag of pork rinds at Walmart.
    Number1AtNumber2trublue
  • RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 81,547
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    I bought dozens of homes on the courthouse steps in Riverside and San Bernardino counties. All you need is a cashier check and someone elses money

    Gotta research IRS liens and property tax liens
    CuntWafflePurpleThrobberHuskyJW
  • PurpleThrobberPurpleThrobber Member, Swaye's Wigwam Posts: 34,994
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    edited January 18
    TXDawg said:

    And if you think the process of buying a home in a conventional closing is a pain in the ass, wait until you try to buy a home in foreclosure. Even if you got a sack of cash, it ain't like you're picking up a bag of pork rinds at Walmart.

    I bought dozens of homes on the courthouse steps in Riverside and San Bernardino counties. All you need is a cashier check and someone elses money

    Gotta research IRS liens and property tax liens

    With fucksticks like Blackstone buying up residential properties, they are going to be the bank's first call on a potential foreclosure. Probably package up several properties in a loan portfolio and take fuckstick Blackstone's money.

    We bought the GNR Compound on a foreclosure sale. We wuzn't totally flush at that point so had to take out a death grip (mortgage for those who speak the French). Most painful home purchase of my lifetim.




    HuskyJW
  • RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 81,547
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    I bought for Blackstone in 2013. Had to compete at the auction

    They had a war room to go over the homes coming up to set the bid

    They bought a ton of newer stock at the bottom of the market

    Those days are gone.

  • PurpleThrobberPurpleThrobber Member, Swaye's Wigwam Posts: 34,994
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    edited January 18

    I bought for Blackstone in 2013. Had to compete at the auction

    They had a war room to go over the homes coming up to set the bid

    They bought a ton of newer stock at the bottom of the market

    Those days are gone.

    T&Ps for past fuckstickery.

    There was so much inventory then, Blackstone probably did the economy a favor. Now, with housing and construction fucked up because of fucked up Covid fuckery, the rent is gonna be too damned high.
  • BleachedAnusDawgBleachedAnusDawg Member Posts: 6,627
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    I bought for Blackstone in 2013. Had to compete at the auction

    They had a war room to go over the homes coming up to set the bid

    They bought a ton of newer stock at the bottom of the market

    Those days are gone.

    T&Ps for past fuckstickery.

    There was so much inventory then, Blackstone probably did the economy a favor. Now, with housing and construction fucked up because of fucked up Covid fuckery, the rent is gonna be too damned high.
    Blackstone is still buying tons of shit and artificially inflating housing prices. All using mega loans from the government.
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