During the housing market down turn around 2007, millions of home owners suddenly found their homes were edging towards negative equity and despite interest rates dropping to historically low levels, many homeowners still went under and could no longer afford to keep up their mortgage payments. Variable interest rates, new and unique financing options also had something to do with this, especially with first time buyers.
This brought about foreclosure and lenders would often be forced to seize the home and repossess the property after it did not receive any monthly payments from the homeowner. What this meant was that thousands of homes across America became real estate owned, or REO. For those new home buyers, and even investors that have begun springing up, there are suddenly great choices of properties available.
If the lender simply holds onto the property as an asset value, it is not going to be making the lender any profit or money, so selling the home – even at a very low cost – is so often an option that lenders will consider. This is a win-win situation for buyers. Learn how you can also benefit in this lucrative market from the great Ron LeGrand in his Fortunes in Foreclosure course. Don’t let this opportunity pass you by! This course proves that there are multiple streams of income possibilities in Real Estate.