What are Zombie Foreclosures?
How can home buyers get free money?
Get answers to these questions by listening to this week’s Ilyce Glink Show. You can click the audio link below to listen to the full show, or download the podcast via iTunes.
On this week’s show I talk to Daren Blomquist, vice president at RealtyTrac, and give you this week’s Glinkonomics report.
More About This Show
Glinkonomics Report: Home Builder Confidence Jumps in June [0:58]
Are Zombie Foreclosures a Good Buy? [3:40]
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.
Free Money for Home Buyers [15:45]
If you’re a prospective home buyer struggling to afford a home, you may be eligible for free money from the U.S. Department of Housing and Urban Development.
HUD’s Neighborhood Stabilization Program can provide assistance to home buyers purchasing previously foreclosed homes. Through this conduit, HUD is also providing a pathway to affordable housing for homebuyers earning less than 120 percent of the median income in a given geographical area who are also willing to purchase a previously foreclosed home.
The purpose of the program is to expand housing options for low and middle-income homebuyers while increasing interest in vacant, previously foreclosed homes in communities around the country.
If you have any questions about this show or in general, email me at [email protected]
Click the audio link below to listen to the full Ilyce Glink Show.
Thanks for listening!