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Please read that article, if you can’t understand that the fed is propping up the housing market afterwards, then I’m not sure you will ever believe it. This is from a site that wants us to bury our heads in the sand too. I love how some of you have painted me in a negative light for wanting to find a good deal on a home. Apparently believing in not buying something at the top of the market makes you a monster. As someone who contracted Covid and spent 5 days on a breathing machine, I am very sympathetic to anyone who’s been hurt by this.
However, I am an American who believes in capitalism and not having to pay your bills and having zero repercussions for it is the opposite of that. Why would you move in that case? My relative owns some investment rental properties in DC. He has not received a rent payment in over a year from 6 units and only 1 tenant actually lost their job. Almost all think they will be able to walk away without paying him back when the moratoriums are over and they are probably right. He will be selling these properties as soon as he can boot the people out. There are millions of landlords in this position. They will offload their rentals immediately once they are able. People will panic once this starts and they realize they paid 100k too much for their homes and list ASAP. Low inventory will be a distance memory, and this is when I’ll buy something
Please read that article, if you can’t understand that the fed is propping up the housing market afterwards, then I’m not sure you will ever believe it. This is from a site that wants us to bury our heads in the sand too. I love how some of you have painted me in a negative light for wanting to find a good deal on a home. Apparently believing in not buying something at the top of the market makes you a monster. As someone who contracted Covid and spent 5 days on a breathing machine, I am very sympathetic to anyone who’s been hurt by this.
However, I am an American who believes in capitalism and not having to pay your bills and having zero repercussions for it is the opposite of that. Why would you move in that case? My relative owns some investment rental properties in DC. He has not received a rent payment in over a year from 6 units and only 1 tenant actually lost their job. Almost all think they will be able to walk away without paying him back when the moratoriums are over and they are probably right. He will be selling these properties as soon as he can boot the people out. There are millions of landlords in this position. They will offload their rentals immediately once they are able. People will panic once this starts and they realize they paid 100k too much for their homes and list ASAP. Low inventory will be a distance memory, and this is when I’ll buy something
I don't disagree. I know someone in the NJ courts and they said the backlog of evictions and foreclosures is like nothing they've ever seen. That will have to impact the overall housing market.
If your mortgage is backed by Fannie Mae, Freddie Mac, or HUD/FHA, USDA, or VA, you are entitled to a180-day extension of your COVID hardship forbearance if you request it. Need even more time?
If your mortgage is backed by Fannie Mae or Freddie Mac: You may request up to two additional three-month extensions, up to a maximum of 18 months of total forbearance. But to qualify, you must have received your initial forbearance on or before February 28, 2021. Check with your servicer about the options available.
If your mortgage is insured or backed by HUD/FHA, USDA, or VA: You may request up to two additional three-month extensions, for up to a maximum of 18 months of total forbearance. But to qualify, you must have requested an initial forbearance on or before June 30, 2020. Check with your servicer about the options available.
Keep in mind that ending forbearance doesn’t mean you must pay back all the missed payments at once if you work with your mortgage servicer.
Even if you don’t have a federally backed mortgage, you still may have relief options. Get in touch with a HUD-approved housing counseling agency or contact your mortgage servicer right away.
Beside not having auctions due to virus many governments and banks are using an auction service such as Bid 4 Assets just for an example. The problem is I noticed when posted online is that they frequently try to recover all costs including unpaid balances/mortgages so the opening bid is all to frequently too close to a traditional sale. In the past many communities started the bidding at a much lower percentage or at taxes owed rather than market price.
I see a lot of properties being held over several months until they get their desired price. I've read some articles where sometimes they only sell half of what is available. This keeps them off the market and limits supply. The prices are too high and not being able to see the property like it was a more traditional sale is troubling. Online auctions also open up the out of area /out of state buyers and investors/ companies with the resources to scour the internet and pay above average taking the bargain hunter and/or local investor/flippers out of the picture. This will contribute to housing inflation because of the higher prices being paid compared to years past.
There are foreclosure sites. services but some of them are up to 40 dollars a month. I signed up to a free one and keep listings in another or different part of the state.
But online brings a whole new set of buyers/bidders into the picture.
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