Preparing for the Best Year of Wholesaling Foreclosures Yet
Despite the recovery and some complaining of reduced inventory could this be the best year for wholesaling foreclosures yet?
2012 may have officially marked the real estate recovery on a national level, but 2013 is definitely predicted to be the year the recovery levels out with previously declining markets catching up and the nation moving into the beginning of a new boom era.
Still, while real estate investors and Realtors in some areas of the country have been crying out for more housing inventory there ought to be more than enough deals to go around. In fact, we could even potentially see more foreclosures this year than we have in any other 12 month period since the beginning of the crash.
This will be in part thanks to clearing the blockage the robo-signing scandal caused and banks seeing more motivation to speed properties through the foreclosure process.
Just because the housing market is improving doesn’t mean that mortgage delinquencies have been cured or distressed property has dried up. For 2012 RealtyTrac says one in every 72 housing units received a foreclosure filing, auction of repossession notice, with some areas seeing double that rate. This is while 25% states still saw foreclosure rates increasing, including those notorious for having the most foreclosures already. This is 7 years into the crisis.
Plus of course there are plenty more delinquencies in works too, with tens of billions of dollars in loans 6 months’ or more behind and that have not begun to enter the foreclosure process, on top of pipelines full of several years’ worth of foreclosures already.
This means access to all the distressed deals for wholesaling foreclosures any real estate investor can handle. Those real estate investors prepared and positioned to take on this flow of foreclosures will be able to do a serious amount of business over the next 12 months.
4 ways to get prepared to flip more homes this year:
1. Sourcing Deals
Get wired into multiple sources of consistent daily deals. If you hope to turn 10 plus properties a month you are going to need at least three solid deals on your desk to make offers on every day, probably more.
2. Streamlined Operations
Wholesaling foreclosures in volume requires streamlined operations and decision making. You need systems, assistants and good lines of speedy communication.
You’ll need a strong buyers list or ready, willing and able investors that can snap up your deals as soon as you get them. If you control the buyers all deals have to go through you.
4. A Good Brand
Good brand is essential for making conversions easier and attracting inbound business. This doesn’t mean you have adopt a rigid corporate brand identity; a personal approach can work just as well. Become the specialized professional with the reputation for serving up the best wholesale deals.
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