I know everyone is looking for a deal, but we're looking for people who need to sell their houses and don't have any equity and the houses need repairs and improvements. I've been working with a team of investors for several years. We've been buying fixer uppers and improving them to retail condition and selling them to owner occupants.
Since the Wilmington NC real estate market has cooled off in the past few months we're changing our strategy a little. We're looking for sellers who are in need of selling their homes. We want to meet homeowners who need to negotiate with their lender and sell their house for less than the payoff because they have overleveraged their equity. We've seen many situations where people took out the equity in their home and suddenly the value dropped. This is not the fault of the homeowner, lender, appraisers, or anyone specificjus. This is simply the market no longer supporting the past values people based their financing on.
The investors I work with can negotiate with the bank to help the homeowner with a loan modification, forbearance, or a short sale. In a loan mod and a forebearance the homeowner makes arrangements with the lender to keep their home. In a short sale the homeowner sells their home to an investor or other buyer for less than the payoff on the loan(s). This is inconvenient for the homeowner but often helps the homeowner avoid foreclosure.
If you or someone you know are in this situation in or around Wilmington, NC please let me know. I can help.
If you'd like to see some of the homes we've fixed up, visit http://www.flip4wilmington.com