Everyone is trying to predict what will happen to the real estate market in 2021. There is no question that financial pressures are felt by homeowners as well as real estate investors and mortgage lenders.
When looking back at the 2007 market crash, most distressed properties had significant negative equity. But today that is not the case. In 2007 when the market turned, the only option for homeowners was foreclosure or short sale. In today’s market, real estate still remains strong. Property values have gone up and seem to keep rising and there are many fewer properties with negative equity.
However, you have many people who are unemployed and have fallen behind in their other debts: consumer debt, car loans, school loans, etc. They have been living off credit cards and/or burned through their savings. Their home is probably the least of their concerns if they received a forbearance. So their home may be “current” but they haven’t received forgiveness on their other debts. In a situation like that, bankruptcy becomes a better alternative, or a smarter alternative, for many people. There is a good chance that bankruptcies are going to surge.
As a real estate professional, are you prepared to help?
Selling properties in bankruptcy is complicated, and most real estate professionals shy away from them, unsure how to work homeowners through the process. A homeowner in bankruptcy is called a debtor, and a debtor goes through many stages while in bankruptcy and understanding these stages and what options they have is key. Debtors have many options.
Today, real estate agents and brokers have teamed up with BK Global, a company specializing in the sale of bankruptcy properties nationwide. BK Global has built an online platform giving the 1,250+ bankruptcy trustees and mortgage servicers the ability to connect and collaborate online to simplify selling real estate assets in bankruptcy.
Become a Certified Bankruptcy Specialist in 2021
BK Global offers a Bankruptcy Specialist Certification that empowers real estate agents and brokers with the knowledge and solutions needed to work with a homeowner in bankruptcy.
“We’ve put together a training program where we certify brokers as bankruptcy-certified specialists, and we train them so that they know how to work these situations in bankruptcy,” said Brad Geisen, CEO of BK Global. “Brokers and agents know how to work through our program. When talking to a homeowner, they know what to do and what to say. There are over 800,000 properties in bankruptcy between Chapter 7 and Chapter 13 right now, and that’s before the surge.”
Once you complete the certification, you are part of the BK Global broker network. BK Global assigns listings from trustees to certified agents and brokers in the local market and will refer homeowner listing opportunities on select cases. As part of their network, BK Global will help you work with the trustee and obtain lender approval from the mortgage servicer.
BK Global will also give you access to all of the bankruptcy listings in your area, and you can solicit the homeowners directly.
You would be surprised to see how many homeowners are in bankruptcy. You can click on the link below and type in your zip or city and see current bankruptcy opportunities.
About BK Global
BK Global was founded by Brad Geisen, a 35-year veteran of the default real estate industry, to mitigate real estate assets in bankruptcy better. In his career, he created or operated websites such as Foreclosure.com, HomePath.com, HomeSteps.com, TaxLiens.com, HUDHouses.com, and many more. He developed and ran a pilot program for the HUD, which became the highly effective HUD M&M Program that still operates today. Mr. Geisen created the first online offer management platform which has become the industry standard used by mortgage lenders and Government-Sponsored Enterprises (GSEs). He also created a national training and education platform for GSE’s and Mortgage Servicers to improve vendor performance and ensure compliance. He also developed a National Short Sale Platform, to facilitate fast, efficient approvals.