If you are a foreclosure auction investor or have been interested in investing in auction foreclosures, now may be the time to take a closer look! According to William Howley with https://auctiontumbler.com/, 92% of the auctions in the last 3 months have been cancelled due to Covid-19. Many if not all of those auctions will likely be re-listed in the next few months. Here is the break down of the statistics for Hillsborough County and what you can expect in the 3rd quarter of 2020.
Hillsborough County:
March total auctions: 327
March total sold to 3rd party bidder: 46
Canceled: 281
April total auctions: 283
April total sold to 3rd party bidder: 12
Canceled: 271
May total auctions: 181
May total sold to 3rd party bidder: 6
Canceled: 175
June total auctions (6/1 – 6/13): 51
June total sold to 3rd party bidder: 3
Canceled: 48
Total foreclosure auctions Between 3-01-2020 and 6-13-2020: 842
Total Cancelled or bought back by the bank in that time frame: 775
A relisting of up to 775 listings in the months of July, August, September is expected. All of the regularly scheduled auctions should proceed. Expect a 200-300% increase in inventory over the next few months for the canceled auctions that will be relisted.
Making profitable bids at mortgage foreclosure auctions requires looking through mountains of data. Seasoned investors know how much to bid, where to buy, and what kind of property sells fast. Seasoned investors have a team in place to help analyze the data because they understand the value of information. Whether you are looking to streamline the foreclosure data points with your team or do not yet have the resources to set up a team, websites like https://auctiontumbler.com/ can help you organize, prioritize, and simplify.