While most pundits are wringing their hands over the latest foreclosure numbers, Emily Friedman is ahead of the curve and seeing the silver lining in the real estate market. The suffering of those that either made bad borrowing decisions (both lenders and buyers) in the past have created an opportunity for those that have shown some patience.
The foreclosure market of REO properties has to move and the volume that is coming due is tremendous. For those who are positioned correctly, the buying now will be a once in a lifetime opportunty.
And in 5 years time odds are you will run into someone on the golf course who made their fortune in this downturn.
And because lenders want to avoid the cost associated with holding on to an empty home for months, they are more willing to lower the asking price in order to sell it quickly. In turn, buyers are finding firesale prices at foreclosure auctions. “There is some positive in the whole doom and gloom of the housing market, in that buyers who have been shut out of the market in the last five years now have an opportunity to buy a home and realize the dream of ownership or upgrade to bigger homes,” Wright told ABCNEWS.com. “And nobody likes to see a home on their block sit empty.” via ABC News
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