CDC Moratorium Extension & REO Market

Real Estate Technology with Digital Marketing Consultant

The US government just extended the eviction moratorium for another 3 months, according to an article in Forbes, which extends the rental moratorium deadline to June 30th, as well as protecting homeowners with Federally backed mortgages.

According to Forbes, "Landlords can still charge fees and penalties for not paying rent, so tenants should be aware that back rent along with potentially other late charges will be due once the moratorium is lifted. Landlords can demand payment in full immediately unless you make installment or other payment arrangements."

Presumably, when the moratorium ends we can expect to see a substantial increase in evictions and foreclosures, which may also destabilize the national housing market.

One way that agents can hedge against this uncertainty is by getting involved in the REO market. Spend a bit of time to network with REO asset managers, learn how the foreclosure process works, and build competency doing BPOs.

After the 2008 crash, many real estate professionals made a business pivot to REO & short sales to weather the recession - and many of them kept that as a business spoke in case the economy faltered again. It's worth doing your homework on REOs and learning how you can add this as a stream of income into your business now, before the moratorium ends.

Comments (2)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

People are having hard times still with all the progress. I think we have to take it to the home stretch  with a  s

Apr 06, 2021 10:48 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

I jsut hate the "F" word and dealing with those rude asst managers and  banks

Apr 07, 2021 06:16 AM