In the past blogs, we posted numerous articles related to real estate investment opportunities as a result of short sales, foreclosures and bank-owned properties (REOs) for investors who who have set up a Self Directed IRA plan to hold real estate.
News in September of 2009 stated that foreclosures had just seen the “worst three months of all time” according to a report by RealtyTrac, an online marketer of foreclosed homes.
The report stated that “ the foreclosure crisis may not diminish anytime soon. The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers. It’s going to be a lingering problem.”
Quoting the RealtyTrac report, Les Christie, a staff writer with CNNMoney.com, comments that “the statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly”.
And because there are so many delinquent borrowers, RealtyTrac predicts the banks will be slow to take back their properties and put the repossessed homes back on the market.
“It’s hard to envision [the banks] putting millions of properties up for sale and cratering prices,” he said. “Recovery will be slow and gradual. I don’t see home prices getting much better until 2013, stated Rick Sharga, a spokesman for RealtyTrac. (Read the entire article here: Foreclosures: Worst Three Months Of All Time…)
So, there it is…for the next 3 years there will continue to be opportunities for Real Estate IRA investors who have made it their mission to understand their local markets and be ready to move into action when the right property is available.
If you haven’t done so already, go to the Safeguard Financial Blog and read the following 3 posts related to short sales, foreclosures and REOs:
As we have discussed in this series of posts, opportunities for picking up “distressed” properties abound. Yet there are 3 fundamental steps that should be taken in order to be successful:
Step 1: Education. Be able to speak the language of “distressed property”.
Step 2: Put together a team of knowledgeable professionals to assist you.
Step 3: Have the right plan in place prior to engaging in a transaction.
If you are serious about growing your retirement wealth through investing in distressed properties with your self directed IRA or Solo 401(k), contact one of our expert IRA advisors today. We’ll help you establish an investment plan that will enable you to be ready to act on opportunities quickly and gain the best deals. Our experienced and professional team will have your Checkbook IRA or Solo 401(k) up and running in 30 days or less with the fastest, turn-key setup process in the industry.