Home Foreclosures! Reality of Personal Financial Trouble
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- Опубликовано: 1 июл 2024
- Overwhelmed with debt and unable to pay the mortgage is how many Americans lose their homes to foreclosure. Real Estate Broker, John Hoffman is live to discuss the reality of running a real estate business, evicting and selling foreclosed homes.
#mortgageforeclosure #housingmarketnews #usrealestatenews
Contact John Hoffman:
sachsrealty.com/john-hoffman
John Hoffman
Whyrent Real Estate Co.
Managing broker
28 S. Water St. #302
BATAVIA, IL 60510
630-601-1300
Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
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My dad was an appraiser 2003-2018 and I went with him during the 2008/09 time on a few. I still have vivid memories of homes with all the appliances gone, holes in walls, crayon drawings, even the hardware gone off doors and cabinets. Very sad this is coming back around.
Yes, Mel was an Appraiser from 1988 to 2010 reviewing Appraisals during the S and L crisis and the Great Financial Crisis. So many damaged homes and lives that it was frustrating not to be able to stop it, even when giving people the facts and truth.
Concrete poured down toilets, copper stripped, furniture in the pool, feces wiped on walls... I could go on and on
Maybe banks should stop taking advantage of poor people.
"Poor doesn't mean dirty."
Well said! It also doesn't mean trashy. You don't have to be rich to have a living space that's clean and organized.
I bought a house in 2009 that had a torn apart carpets and a car oil puddle in the middle of the living room. Took me only $6,000 to clean it up. The idiot was a janitor who bought it in 2006 for $196,000 and had 2 Mercedeses sitting up front. I bought it for $95,000. That same house is now $450,000. I don't get it, it's still in the ghetto. No way is it worth that much.
Commercial firms like Blackrock are gobbling them up to skirt inflation since they are sitting on piles of trash cash anyway, in turn jacking up prices where nothing has improved in a neighborhood.
If it's in the ghetto, sell now. Sounds too good to be true, but I see that in Dallas with a bunch of new crappy homes in the middle of the ghetto. Who is going to buy a half a million dollar house in the middle of the ghetto risking getting their family shot on the scant hopes they might make money off it in the next bubble? Absolute insanity. Other townhouses here were going for about $800k and are now down to $550k and still can't sell, becuase they shouldn't be more than $250k based on the area and the awful build quality
How will you go down fast will you comment in near future when home worth $90,000 again?
Great show! Todd both you and your guest hit a home run. Home buyers play a major in the ongoing housing crisis. It’s not just the lenders, realtors, or big gov’t regulators. Don’t buy a home if you can’t afford it. Look at the worst case scenario with your finances before making any big purchases.
1:17:50 I quit eating out for the most part. I got even better at cooking instead and make all of my favorite food instead. Bleep paying 15 bucks for a bowl of rice. (Legitimately it's 15 bucks now.)
Love your show awesome content. I’m an investor in Ohio. The county I invest in for evictions the owner has to hold the tenants belongings for 30 days before disposing. No longer allowed to put on the curve.
The fact banks can bid on their own houses to drive the price up is crazy
Hahah. You are funny. This happens in almost all markets. Example... NVDA has gotten so much money they are giving that money to companies to buy their chips. So effectively NVDA is buying their won chips. The earnings look great but are in fact a lie. What happens when no one needs or want the chips because they already have what they need? The SEC and others are asleep at the wheel or worse on the take.
Awesome show Todd and thanks for all you do!🌞
I can't believe these counties would allow this. You would think that there would be laws to allow immediate evictions if a payment hasn't been made in 12 months. Who's paying these property taxes?
The banks , they pay everything: property taxes, forced place insurance , hoa dues , upkeep - lawn.
Fed dictates evictions in FCL: 30 days for owner occupant , 90 days for tenants, post court ordered sale (sheriffs sale).
The county goes after the owner, no point till the deep pocket bank owns it - the most the county does is abatement liens for tall grass weeds, failure to secure, condemnation etc. Bank can’t do an eviction until they own it. Bank/servicer doesn’t own it till 30 days post court order sale date.
A smart developer would build 500 no nonscense 1500 sq ft 3-2 brick homes with unfinished basements on small lots and sell them for affordable prices. They would all be sold before they were built. Why do they keep building McMansions no one can afford?
I've wondered about that, too, but I think it comes down to greed. The bigger the house, the more money they make.
That is great idea, with the new house being built with the cement AI machines, it is affordable and if you have a cookie cutter standard model, you can make money.
@@janicetribbiani7535 this and the fact they don't care who gets in it even if they know they won't be able to pay. once its sold they have their money and its on the bank. this is why they try to put trash people in these homes with 0 down or what ever other gimmicks they can come up with.
That is the best to do,younger generations of people who are single or a small family ,the last thing they want is a million dollar home. High end homes are taking the biggest drops . more boomers will be down sizing out of necessity will have to sell,good luck on getting those prices,in general ,the next generation of persons are in no position to buy
I don't beleive there is a housing shortage. I think rich boomers and investors bought a lot of the housing up. When we get a down turn (already seeing it in FL and TX) and the fire sells start ... there will be more than enough houses on the market. Add foreclosures to the mix and we could see a 50% or more reduction in hosing prices across the country. This is just the housing market. Everyone is in trouble. The stock market in a massive bubble, CRE is a disaster, banks are hiding massive losses, buisnesses are failing at almost all time highs, debts for everyone are at all time highs. What do we think is going to come next. It does not take a genius ... unless of course you watch fox or cnn, or abc or any of those news channels that have brainwashed you to think everything is fine. Everything is far from fine. The reversion to the mean is going to be painful if you are one of those brainwashed folks. If you are not... it will make you very rich.
"Homes went up as fast as they went down." This will be future headlines.
This is really hard to watch for someone who has always taken care of my property. This is what you get when you let people borrow money that they can't afford to pay back.
Damn that house is a complete gut job. Unbelievable that someone got to live there for 5.5 years without making a payment! Yeah the house may need to be razed.
Nope, seen them WAY worse than this.
You do an occupancy check. If it's abandoned, no sheriffs necessary. 14 day personal property notice, 10 is legal. Lock change, trashout, done. In Pa.
Not like that in CT. Last eviction took me 9+ months. Squatters knew Every Angle. I no longer Landlord & hope to never again.
When Gone with the Wind came out we realized the war caused Tara to pay property taxes even though conditions were tough and everyone was broken. Her father had confederate bonds that were worthless. Rhett Butler had Gold and kept Tara alive! Just think.❤
You ultimately have to have a place to live! I bought a home that I paid cash for and now my property taxes have increased 30%. I filed homestead exemption and it still went up 30%! I know I do not have a mortgage or rent but am left with maintenance, insurance, property taxes and so far I can handle this. Renters are also under the rule of the landlord. I choose to live within my means and keep my home.
Todd, I have been watching you from the beginning. Congratulations on your success. I feel like you always tell us the truth. Thank you.
Thank you Joe 🙏
Typical with an REO, I don’t miss this profession at all, glad to be retired from it. We were the folks that ordered these BPOs from realtors and passed them to the bankers. Saw so much depreciation of assets it was sad.
Thanks
eye opening....one of your best shows.... im hooked
Big fan of the channel. Keep up the good work.
In 2008 there were people who had no jobs that would be buying two new houses to flip. There were just too many houses going into foreclosure in 2008 and everything just went way down in price. Many flippers walked away from their homes that they contracted to be built
FL and TX housing market has lost 30 to 40 percent in just the last two months. Enough said.
Great info and so many important and relevant topics discussed. Loved this podcast! Thanks guys
Mark talked so much he was co-hosting the show at the end. 😂
John is great!
The day I saw a slumlord put a family and all their belongings out a couple of hours before a hurricane (Harvey) was due was the day I'll never forget. I understand they weren't paying rent but dang... coulda waited till after the storm not the day of. That same slumlord was burned out of another neighborhood by the neighbors.
@@Katbaloo2022 😳
I am wondering what condition this house was in when these people first bought it. My house after 25 years needed cosmetic updates and was a 3 brick 1.5 bath ranch home with attached 2.5 garage. I replaced roof … fixed drain tile … new furnace and hot water heater … but needed many cosmetic updates … still was nothing as bad as this … so my guess is that this was a more high maintenance house from the start perhaps?
It seems to me the whole financial system cannot survive if deflation is allowed to take hold. The pension funds, the stock market, the banking system and the dollar will be at the end.
Thanks to things like seeing that movie Money Pit growing up I sold my house late 2022, taking over parents like you spoke about. This stream really hit many nails on the head as usual, big ups guys thank you!
If I sell my home I will call you for references!
One of the statistics that an expert real estate professional told me who has been in that industry for 50+ years. “The closer the own to rent is to 60% own 40% rent the healthier the RE market overall”
If occupied, have to store personals for 30 days in storage starting on eviction day. Sheriffs clear house, then you do lock change, move to storage units.
Last I checked in Washington state in 6 months.
Missed it! Am watching now, though.
Previously it was only FHA that rehabbed to FHA appraisal standards. Now it’s all GSEs
What is a GSE?
The lenders don’t want the losses on their books!
I really liked that secondary guest which is very concise and accurate. I'd vot for him for president no question at this point!! Lol
Existing home owners typically have equity, so if the argument is that people have to buy but dont have to sell, that is false. Homeowners have other expenses that can squeeze them, while renters getting squeezed only makes it less likely they can afford to buy, thus putting sellers in an even worse position
Just disgusting there was no sense in this at all. How did they even live there? Why not call them and move out and let them know it must be fixed. But why the unclean mess so sad.
Harry dents comments make sense. If the interest rates stay where they are at, new people will not be buying homes. The only caveat to that is if every old person who's stock portfolio went up substantially chooses to subsidize a significant chunk of the younger folks to make the front end economics of a home work more (doesn't include all the continued increases in taxes, maintenance, and insurance and all other prices increases regionally associated with increased real estate prices)
Yeah, they're building small houses, but for rent.
Sachs for president!! Or some kind of major political office!!!
I save the grease also, because it makes food taste better. No oil but fat and butter. We are paying for the lifestyles we are living we will all soon realize that we can not be a throw away society.
The delay in Chicago is its a judicial sale. Takes forever to get the liberal judges to review the case and approve the foreclosure. If it goes to a third party sale, then the new buyer is responsible for foreclosure costs, which can be very high and affects the fcl price
This corroborates with growing financial stress ex the 1%.
I'd be totally on board with swapping property taxes for a sales tax. The waste associated with consumption and consumerism is an evil that definitely needs to be countered and a sales tax is one way to do it. The problem of course is that people generally have a lot more discretion in their day-to-day buying habits than they do in where they live. As a consequence the revenues associated with a sales tax would be a lot less consistent. That would require a much more thoughtful and disciplined management approach from the powers that be than we've seen in recent times from our so-called "leaders".
People stayed in the houses for years during the GFC also banks paid them to move.
“Pride” !! “Pride” is the sin by which Lucifer fell from heaven. Our culture is drowning in “pride “ , we have a whole month dedicated to “pride “ . A more admirable character trait would be humility . Embrace , teach , and inculcate HUMILITY !!
👏👏👏. People are slowly realizing the scary truth of inflation.
At 2% it's manageable, at 10,15, 25, 40, and 60% accumulatively over a very short period is catastrophic. If you have any form of debt with no assets, you will eventually be whipped out.
My son in law lives in a trailer park and his place got trashed by "friends". The insurance doesn't cover the replacement. All he wants is the insurance check to pay off his Mortgage and walk. What can he do?
Insurance isn’t going to pay for that. All he can do is sue his “friends” for the damages.
Housing will take a decade to bottom 😮
Put another way, " We need the government to stop threatening violence on people that build their own shelters without the blessing of the government." No other animal on the planet needs the approval of others to build their own shelter.
I think show is going negative about RE market , its local , some areas are doing great like maryland , houses last only a few days on the market , extremely low inventory , so let’s not generalize.
Same for most of Alabama. I think this is all hearsay BS. Prices aren’t coming down on anything. It’s life. My grandparents talked about it. My parents and now me. It’s life.
Is land crazy stupid expensive nowadays? I've lived on construction sites, around amazing people who taught me, now starting to imagine slow building in N California. !250 Sq Ft. Mediterranean style. I miss charming houses like the 40s.. Make America Beautiful Again..
Investors love these kinds of properties, and the home inspections are usually a joke. No disclosure of the properties. The big win is always for greedy investors.
Yikes,I would not let a dog house get that dirty. I have to live clean.
Lenders and hedge funds are the real culprits for allowing these crazy loan to be available to unqualified buyers don’t forget that
Always pay your Mortgage. It ❤️ always pay I had modification for 8 years and sold in October of 2023 and made a big 📈 profit.
Interesting that they are saying rents will ease in NYC - this could be the proverbial canary in the coal mine!
I can guarantee if you cit mortgage terms in half to 15 year maximum and put interest rates at 20%, peices will come back down to reality and only folks that can actually buy them outright will be bidding home prices up on specific properties, while thebrest of us will be left with affordable properties we can save up for and pay down in just a handful of years. Its a cycle uo or down based on how they manipulate the market. You give everyone cheap loans and extended mortgages, of course the market will react and pay more than they should. Which cascades into csots of land and commodities across the board
The CFPB has stated threy wont let FCLs pccur as they are affraid prices will fall into a downward spirial. They plan to modify or give out oayment subsidies at the cost of taxpayer to prevent capital losses. Just a kick the can down the road program.
When you make it too easy to buy, prices rise.
Well for 20 years interst rates were at or near zero. We did bail outs, bail ins, stimis etc... this made infaltion go up which is exactly what you want if you are rich. Assets inflate in price ... The rich own those assets. At some point folks can't afford anything. Once that happens prices drop. Many markets have dropped or crashed when there were no buyers left. Real question is how long can the rich steal from the middle and poor class? I think the middle and poor class are almost tapped out.
Where are forclosure?!!!!!!!!!
Be patient. Hosing is usually the last to go. The GFC of course it was the cause but that is rare. First we will see unemployment go up, a recession offical called, the stock market will decline, buisnesses and banks will fail en mass and then we will see fire sells on housing ...foreclosures will surge and the price of houses will drop ... A LOT !!! My advice would be to sock away as much money as you can to take adavantage of these things. The more money you have to buy things on the cheap the better.
“Business is great” 😂😂😂 - yeah for you. For the rest of us…,well, not so much.
I don't believe him. Just like companies posting fake jobs to make it look like they are doing okay when in fact they are struggling and have no intention of hiring... in fact they are cutting. America is basied off of lies at this point ... all of it GDP, CPI, Job numbers ... all of it is a lie. If our leaders do it... it gives everyone else a pass to do the same. All of those people are caught up into it. When things correct it is going to take them with it. This guy talks about banks rehabbing ... no they won't if they go out of buisness or they have no money when they are taking crazy losses on not just houses but stocks, bonds and any other assets the bank has that is in a bubble and will also correct. What happens when the car market crashes and that money flow stops. People stop paying their auto loan, that will also put stress on the banks. It's nonsense. No I think thinks are much worse than almost anyone can even fathom. They can't fathom it because they can't critically think. They can't figure out that one thing leads to another and another. It will only take one of these things to happen to set the forest on fire. Once it starts nothing can stop it. I am currently tracking 15 possible black swan events. You can see them. Right before the GFC, unless you had institutional data you would not have know it was coming. This time .... all of thes "black swans" are out in the open for all to see. Foks are in denial just like this guest. It feels way better, but it won't save you.
I think Amortization is way to high why not reduce it we as tax payers bailed the banks out now they need to take a hit I'm so sick of banks & the Private Banking Cartel The Federal Reserve lording over all of us making use permanent debt slaves I want off this plantation
A side note HUD should be the bank 🏦 for the government backed loans not private banks that are greedy Tyrant's each state should set their own interest rates for home loans
Nah
Hey now, I save my grease, that's good stuff 😂
It's worse than 2008. And it's going to take a lot to unwind this one with all the stupid stuff done in 2008 and the pandemic. Last housing bust took five years, RE might be done for 8-10 just because it can't be unwound as quickly.
My retirement goal was to have two paid off houses, one to live in and one to rent for cash flow. I'm not sure I want that second one at this point. Buying a REIT sounds like a whole lot easier to manage and dump if I need too.
Stategic default
"Everything's being boughten"😂😂😂
Who in the world is moving to Chicago? Ewww
I love your work..., but who do you think has Over 2 hours in one sitting?
You really need someone to edit some reels as teasers..
Ans then chop these into 20-30 minute chapters.. With a link got the whole thing if people want it.
There's 24 hours in a day.. If you work 8, sleep 8 😂, eat, wife, kids.. Other responsibilities...
Who has 2+ uninterrupted hours?
By the time we finish these videos (taking breaks), the condensed version comes out.
Haaaaaa 39
Days use to be a day
That’s a bear market
Don't forget the career renters who were able to buy houses for the first time who have no understanding of home ownership. Back in 2008 there was many houses in Florida that were destroyed by these types of people who put nothing into their homes.
And I'm seeing it again.
Agree. Since everything is in a bubble including hosing. When the downturn does come and houses do go down in value, even slightly... people will walk away from their houses just like in the GFC. What makes it worse this time is it is going to be the rich boomers and investors that walk away. IMHO it will be at leat 5 times as bad as the GFC was. Add the stock market crash that is coming and all the unemployment and businesses that are going to fail on top of that and things could get intersting very fast.
Fight for democracy. It not about Biden or trump it’s about our freedom.
Todd want to list at 750, seller says 800. Sells for 880. Again another reason realtors are not needed. They are useless except to entertain on youtube.
Couldn't he cover the foreclosure topic in under two hours?
I'm listening at 1.5 speed.
What were you looking to hear because he said they are withholding them and in actually there are far far more than what it is showing because they are all backed up in the pipeline. Eventually they won’t be able to sustain that then they will be able to not only see it but talk about it.
Always pay your Mortgage. It ❤️ always pay I had modification for 8 years and sold in October of 2023 and made a big 📈 profit.