OfflineWhy would anyone just walk away from their home? They are still going to get forclosed on and they will still get the credit hit. Why wouldn't they just try and sell it so they can save their credit!?!?!?
Me being an investor how could I make money from these "walkers"
anyone have an insight...
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Don't Wish the Past, Create the Future! - DH
The reason people walk away is that they owe more than what their home is worth. At that point a realtor won't work with them because even if they could sell their home for what it is worth there wouldn't be anything left for realtor commisions-so they walk. A short sale is the key in this scenario. It can be less damaging to one's credit and the bank discounts the mortgage so you can buy it for much less than what is owed on it.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
People walk away because most of the time they don't know that there are investors that will help solve the problem. It is true that a number of people are upside down in their homes. You as an investor have an ability to help them, but they need to know that you exist. Get you name out with lawyers, CPAs, and Realtors and you may have more deals then you can do. Remember there are opportunities everywhere.
A lot of the people are in denial. They don't want to believe that they are going to lose their home. They keep hoping for a miracle. If they ever do anything to save it, it is last minute.
My friend has 1 home and is about to lose another because she won't let me or anyone help her. She just doesn't think it will work. She's moving out of her first one into a rental she owns this weekend. I tried but I had to admit she wasn't a motivated seller. She's missed 2 payments on the second one so far. The banks let her take 100% equity out of both houses.
???? Jrgnsn
jrgnsn
Good point Wmark! Most people are just in denial or they simply DON'T KNOW all aspects of real estate. Knowledge is key and the majority of people don't have it. It's hard for investors like us to see it because we think in a completely different way than they do.
If you don't have a business mind, you simply will not see all the angles. I have many family members and friends that don't think that way. I look at every situation and try to figure out the best way to make money on it, most people look at bad situations and give up.
It shouldn't be any surprise when the average American saves -1% of their income. Pathetic. Come on people!