Foreclosure Homes for Sale: 1/3 Won’t Sell Because They Are Too Damaged; Now What?

According to an expert quoted in the CNN story, Experts: Some foreclosed homes too damaged to sell, up to one-third of foreclosed homes on the market now are too damaged to sell. The piece states:

About a third of all of the foreclosed properties nationwide have been so damaged, either by the previous owners or by criminal gangs coming in after the foreclosure, that they no longer qualify for standard mortgage financing.

Damaged Foreclosed Home

While the Mortgage Bankers Association says it has no hard evidence of this, if even half of that number is true, that’s a lot of houses on the market — and coming on the market — that will require a lot of work. According to recent estimates, up to 4,000,000 foreclosures will come on the market in the next three to five years. If a third of them will be damaged to the extent that they can’t be sold, that’s over 1.3 million homes.

Foreclosure cleanup company owners — are you ready for this onslaught of work?

Read the entire story of damage to foreclosured properties.

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