324: How To Find Deals At Property Foreclosure Auctions
About this episode
Learn mistakes to avoid and how to buy a distressed property at a discount at a foreclosure auction.
First, the average borrower now has $194K in home equity due to high recent home price appreciation. Only 3% have a negative equity position.
Freddie Mac shows home prices up 9.7% year-over-year.
First American's Real House Price Index accounts for home prices, interest rates, inflation, and affordability. The surprise? Real prices are down 26.8% since January 2000.
Today's guest, Colin Murphy, is an acknowledged expert in buying properties at foreclosure auctions. He reveals how it works in some Florida counties.
Death, divorce, drugs, and unemployment can all lead to a borrower missing mortgage payments and having their property fall into foreclosure.
Foreclosure auctions have moved online in states like Florida (but not Texas). Often, you must give a 5% deposit at bid time, 95% balance paid same-day.
2 minutes of bidding per property.
Learn how high one should bid on a foreclosure property. You can find mortgage, lien and permit information online. You must know how to estimate renovation costs. Assume the worst.
Foreclosure moratoria have created low inventory levels in the market.
Resources mentioned:
More about Colin Murphy:
FATCO's Real House Price Index:
https://www.firstam.com/economics/real-house-price-index/
Recent Homeowner Equity Gains:
https://www.cnbc.com/2020/12/10/homeowners-gain-1-trillion-from-pandemic-driven-housing-boom.html
Show Notes:
Mortgage Loans:
EQRPs: text "EQRP" in ALL CAPS to 72000 or:
By texting "EQRP" to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply "STOP" to cancel.
New Construction Turnkey Property:
Best Financial Education:
Get our free "Don't Quit Your Daydream Letter":
www.GetRichEducation.com/Letter
Top Properties & Providers:
Follow us on Instagram:
Keith's personal Instagram:
Get every episode summarized
Each time Get Rich Education publishes, we email you a written briefing from the transcript — the topics, who appeared, and any specific claims, with the ad reads skipped.
Email me new episodesFree for 3 shows. No card needed.
No transcript yet
This episode has not been transcribed. Request it and it moves to the front of the queue.
More episodes
More from Get Rich Education
Why Getting Rich Doesn't Feel Rich—The Baseline Trap | 622
Get Rich Education
The Deals Changed—Did You? Future Interest Rates and Inflation | 621
Get Rich Education
Alarmist Predicts an 80%–95% Housing Crash | 620
Get Rich Education
619: The World is About to End (Again), The Seven-Figure Solution
Get Rich Education