Foreclosures have slowly been creeping up as real estate values get hit hard. With home prices dropping and a tough economic forecast ahead, could a wave of foreclosures be on the horizon? If so, who will this affect the most—residential real estate investors like Ashley and Tony or commercial real estate investors with their million-dollar multifamilies? We’ll get into what exactly could happen in this week’s Rookie Reply!
Ashley and Tony have taken four very different questions this week, directly from real estate rookies like you! They touch on how an upcoming foreclosure crisis brings an opportunity to real estate investors, who covers closing costs and where to find a purchase and sale agreement, home appraisals explained, and how to get funding for your home renovation or rehab! These answers are crucial if you’re looking to invest in 2023, so make sure you tune in!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Ashley:
This is Real Estate Rookie episode 242.
Tony:
So when you think about a foreclosure, it means that someone is now underwater on their property, right? That they owe more than what they could sell that property for, and that’s when the bank has to come in and foreclosing the property. So are we going to see a bunch of foreclosures in the near future? I wouldn’t think so, just because of how much equity and the appreciation we’ve seen over the last couple of years. So even if someone isn’t necessarily able to maybe afford those payments anymore because they lost their job or whatever it is, there is probably enough equity for them to go to the market and sell it.
Ashley:
My name is Ashley Kehr and I am here with my cohost, Tony Robinson.
Tony:
And welcome to the Real Estate Rookie Podcast, where every week, twice a week, we give you the inspiration, information and stories you need to hear to kickstart your…