Jeff Pearl, Full Service Full Time Realtor (RE/MAX Distinctive / LIC in VA)

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Rainmaker
3,157,609
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would say there will be. Many tenants who have taken teh time to speak to ther landlords will be able to stay and work it out. The problems i see are the investors without great savings, who own multy family homes, they ar eno longer getting rent and cant pay the mortgage, taxes or upkeep. They will be forced to sell and some may lose to the bank. 

May 19, 2020 04:40 AM
Rainmaker
855,073
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I hadn't really given it much thought. It will be interesting to see what happens

May 19, 2020 05:11 AM
Rainmaker
494,791
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

Landlords who evict because of the pandemic will just be swapping tenants with each other. Banks get the money they loan us from the gov for next to nothing so if they try to foreclose on millions of people I expect Congress to step in and put a stop to it. Not to mention the bailout money they seem to routinely receive.

May 19, 2020 04:33 AM
Rainmaker
1,601,164
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

No not right away. They have extended the no evictions provision again. I think there will be a real shifting of people coming here soon. People for some reason don't think they have to pay rent or their mortgage during this pandemic. Not sure what 'mental state' this is called. They also don't want to pay their car payments either.

You didn't ask about all the car repo's that are going to happen also.

May 19, 2020 06:17 AM
Rainmaker
704,710
Peter Mohylsky. The Santa Rosa Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
THE BEACH IS OPEN

I am not sure how this will shake out but not anytime soon is my first reaction.

May 19, 2020 03:56 AM
Rainer
267,296
Caroline Gerardo
Pinnacle Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Halloween 2020 is going to be scary

May 19, 2020 10:20 AM
Rainmaker
1,789,959
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Will be some after 3-6 months

May 19, 2020 09:03 AM
Rainmaker
2,869,404
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

A surge - likely.  Protections for tenants without protections for owners who are carrying the full load without any financial help.  

Eviction attorneys in my area are ready to drown the court, when it open, with evictions. 

No matter how I look at it - it's ugly. Real. Ugly.

 

May 19, 2020 07:10 AM
Rainmaker
2,545,684
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Not with the moratoriums in place. If you mean when they expire a spike yes

May 19, 2020 06:24 AM
Rainmaker
3,556,931
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Thought Ilinois, Cook COunty and the city of Chicago were on hold!

May 19, 2020 06:19 AM
Rainmaker
811,290
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

There will clearly be a statiscial increase in foreclosures and commercial/retail will take a harder hit than residential.  However, Surge, is not the word I would use. 

The numbers will support the word OPPORTUNITY.

My observation is investor have had few opportunities to spend the past few years and may/should have reserves waiting for opportunity.

May 19, 2020 05:28 AM
Rainmaker
682,387
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Not paying rent is allowed right now & putting many landlords in awful situations. Couple that with the job losses people are experiencing and I think it's just a matter of time before more distress sales hit the market and the eviction cries spill over the judges' desks.

May 19, 2020 05:23 AM
Rainmaker
1,342,395
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Sure, will be, but we all know it takes time.

May 19, 2020 11:25 AM
Rainmaker
768,842
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

If homeowners sign some forbearance agreements without reading them, that may very well happen.

May 19, 2020 11:18 AM
Rainmaker
991,202
Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

NO. I expect a 90% recovery-bounce back and the demand to handle the rest.

Supply was low and demand high, even if we "drop down a peg", we'll return to the same scenario.

May 19, 2020 10:40 AM
Rainer
68,750
Kenneth J. Jones, Broker of Record
Kenneth J. Jones, Inc., REALTORS® - Red Bank, NJ
Serving Central New Jersey Since 1978

Jeff Pearl Because of Phil Murphy, the current Dictator in Chief of The People's Republic of New Jersey who unilaterally ordered without legislation nor due process, that no residential tenant could be evicted for not paying their rent during his unconstitutional selective business shut down - which has no end in sight - AND - has also unilaterally ordered without legislation nor due process, that residential tenants - not landlords - have the right to chose to apply their security deposit money toward their rent - which is a violation of virtually every lease contract in New Jersey - it's unlikely there will be any residential evictions - which are a nightmare to obtain in New Jersey even without these tyrannical orders.

However, commercial tenants have no such protections and some will undoubtedly suffer eviction since most businesses are being prevented from opening under threat of fines, revocation of business licenses, and the like.

Gee, isn't great to live in a free country where everyone has constitutionally protected rights?

May 19, 2020 07:17 AM
Rainmaker
5,771,289
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The process has been delayed but we expect to see a surge in foreclosures next year. Those dealing in trustee sales will have more opportunities.

May 19, 2020 06:18 AM
Rainmaker
384,439
Jeffrey Richman
Immediate Home Solutions - Waxhaw, NC
Creative Real Estate Specialist

Hi Jeff Pearl,

As soon as the courts open, the smaller mom and pop landlords will defilnitely besiege the courthouses with evictions when the current tenant cannot work things out with the landlord.  So to answer your question, yes, I believe that there will be a surge of evictions.

As for the foreclosures happening, that remains to be seen because of the current climate and that lenders are constantly changing how they are doing business right now.  Many borrowers will be able to get money that they owe for past mortgages put on the back end of their loans.

May 19, 2020 06:11 AM
Rainmaker
1,296,312
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

YES!  Since they've been on hold for so long, even one would be a surge.  Many landlords, especially in Cali, are heavily leveraged and need those rent payments to break even.  We used to say out here back in the day "It's a good investment if you don't lose too much money."  Back then $100/m loss was a good investment, since you were more focused on the equity and the upside over time.

 

I suspect that between job losses for owners and rental losses for landlords, there will be an uptick in foreclosures and evictions.

May 20, 2020 09:25 AM
Rainmaker
4,818,778
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jeff,

It depends...and time wll tell.  A

May 19, 2020 01:25 PM
Ambassador
3,677,871
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

No and here's why...

Homeowner equity

This is not 2008 either. 

*Sorry for the self-promotion on the graphic. I don't have it in my file without the personalization!

May 19, 2020 01:06 PM