According to a report issued by RealtyTrac, there are approximately 20,050 homes in the U.S. that have been classified as zombie foreclosures. To that end, a zombie home is a residential property that has been vacated in the midst of a foreclosure, but has yet to be repossessed by the lender.
Zombie foreclosures fit the description of what the average real estate investor looks for in a potential deal. However, what do these homes have in store for investors? Better yet, how should investors approach these homes this Halloween?
Approached correctly, zombie foreclosures can be an investor’s best friend. Their prices are typically 22 percent below market value, or approximately $195,856. Investors who do their homework should, therefore, be able to take advantage of the zombie homes that come out this Halloween.