Many buyers want to take advantage of bank owned properties. For every property being sold as a bank owned property, 2 separate conflicting stories unfold. The 1st being the sad story of a family loosing their home and investment, many times due to a loss of a job, illness in the family, death of a family member or perhaps a mortgage company that took advantage of a flexible or non-fixed rate loan forcing the owner / occupant out of their home. Economically challenging moments in history have forced many to endure such tragedies. The 2nd is an opportunity for an investment.
Many past home owners actually became homeless with nowhere to turn. Their credit is ripped apart. Most apartment complexes will run credit checks, denying the family a home. Worse yet, families coming from personally owned larger homes may have to many children or pets to enter into an apartment style of living. When the economy forces a large number of home owners out of their homes, finding a place to rent becomes more difficult. Lease prices climb as the number of foreclosures climb. This gives landlords a greater position in investing into new rental properties...
If this excerpt from the new book, "Finding New Neighbors" is interesting to you, please drop me an email and I will send you the complete chapter.
references: wesley brooks, photospincom, bingcom
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