If they sold to an investor, they would get virtually nothing for their home.
I came in and listed the home for $190,000. It sold for $170,000. The seller’s made about $30,000 and were able to start their lives in a rental.
In another example, this home was worth about $330,000. The seller’s owed about $275,000. A investor would want it for cents on the dollar, so there wasn’t enough equity. I listed it, and sold it for $315,000, giving these owners some money in their pocket as well.
This is happening every day.
Even in a hot market, there are still a lot of foreclosure filings. Even when the economy is great, people can end up in a hole.
In Duval County, with about 900,000 people, there were 3,302 foreclosure filings last year. That number is still increasing little by little.
I had my assistant do an analysis on these 3,000 fillings. About 40% of the foreclosures are worth listing; they are above $150,000. That’s about 1,300 very motivated seller’s, and there probably isn’t an agent going after them.