flipping: Beware of the New Foreclosure Flippers
- 10/08/14 09:54 PM
Increasing property values in Coweta County Georgia over the last few years have led to a new kind of property flipper and consumers need to be wary. These marginal foreclosures are getting a fresh coat of paint, some new flooring, and a few new shrubs planted here and there and are being offered as renovated properties. The sellers are the former lien holders of the property. Fannie Mae, in particular, now sees its portfolio of repossessed property as cash cows instead of white elephants. Owners have a right to dispose of their property for any price they wish. There is no (15 comments)
During the heyday of new home construction, builders and developers were transforming huge tracts of raw land into shiny new subdivisions rife with brand new abodes for the myriads of buyers that were eager to snatch them up as fast as they were built. Those days are long gone, and now the tract builder has been replaced by entrepreneurs that see the glut of homes on the market as a business opportunity. These savvy entities purchase distressed properties by the dozens, and restore them back into a marketable product that can either be sold at a profit or rented for (16 comments)