Profiting From Cheap Foreclosed Homes on Sale
Some entrepreneurs and professionals in South Florida have found ways to earn money from the growing number of cheap foreclosed homes on sale.
South Florida is one of the regions in the country that was badly hit by the foreclosure crisis. The crisis brought devastation to the region in the form of record low home prices and values, unemployment and growing number of cheap foreclosed homes on sale.
The foreclosure crisis has brought life-wreaking impact on millions of homeowners. But some entrepreneurs and professionals found ways to turn a bad and hopeless situation into an income generating endeavor.
Some entrepreneurs purchased notes at very low prices and then reducing the monthly mortgages of borrowers to help them avoid foreclosures. Others buy large volume of bargain-priced foreclosure properties.
According to industry experts, the opportunities that came out of the current housing market in South Florida are expected to go on for another two years as the number of foreclosure filings continued to swamp the state’s court system and the number of homeowners losing their jobs is getting high.
Experts pointed out that people who had the inkling of what is going to happen and had bolt out of the market had found opportunities to profit from the foreclosure crisis.
Peter Zalewski, a former journalist, established his foreclosure consulting and specialty real estate firm to help homeowners avoid foreclosures. Three years after he started operation, he already has 36 staff to address cash investors’ growing demand for bargain-priced foreclosure houses.
His story and business operation caught the interest of movie director Michael Moore while he was on the process of making his documentary, entitled “Capitalism: A Love Story.”
Meanwhile, Giving Tree Development’s Jeff Waters buys notes at discounted prices and then reduced the monthly mortgage payments of distressed borrowers to help avoid foreclosures.
He started his initiative last year and soon discovered that it is possible to purchase distressed loans one after the other, rather than buying them in bulk of 200 homes or more. The process involves investors or companies buying a note, then homeowners will be approached and informed that they have a new loan service and will be offered with loan modification.
These are just some innovative ways to help stave off the number of cheap foreclosed homes on sale. The efforts do not result to a dramatic decline in foreclosure rates but combining all the housing recovery initiatives may help make a dent on the continuing problem, experts said.
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