Zombie Foreclosures a Good Buy?

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Zombie foreclosures, which are foreclosures vacated by the property owner, can be a good buy for real estate investors looking for cheap property. That’s because zombie foreclosures often sell at a discount compared to owner-occupied foreclosures. Banks have a particularly difficult time recovering their investment in zombie foreclosures because the homes frequently fall into disrepair after their owners vacate the premises. And RealtyTrac’s Zombie Foreclosure Report for the second quarter of 2015 showed that the percentage of properties undergoing the foreclosure process that qualify as zombie foreclosures is rising as the overall number of foreclosures drops. So real estate investors looking for a good buy in the foreclosure market would do well to look for zombie foreclosures in their area. On this episode of Big Money Real Estate, Ilyce reviews the second quarter zombie foreclosure numbers with Daren Blomquist, Vice President at RealtyTrac. You’ll want to watch their conversation if you’re wondering what the average discount is on zombie foreclosures so that you know if you’re making a good buy. Check out Ilyce’s Intentional Investor Series to learn everything you need to know to become a successful investor in real estate. Looking for more of Ilyce’s real estate and personal finance tips? Read her blog, see her tweets and follow her on Facebook. Click here for a link to RealtyTrac’s Zombie Foreclosure Report for Q2/2015.
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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.