September 29, 2010
Beginning this week, two lenders are trying to sell off hundreds of thousands of foreclosed homes by offering low down payments, no requirement for mortgage insurance, and up to $30,000 added to the mortgage for renovations. In addition, the real estate practitioner selling the property gets a bonus.
In some neighborhoods, these properties undercut the average listing by $100,000.
These lenders have already repaired the biggest problems with the property including roofs, plumbing, and electrical work.
Buyers who plan to live in the properties get a 15-day chance to view the homes before investors can purchase them. Investors with cash will likely snap up any properties remaining at the end of the grace period.
“Our goal is to recover as much as we can to offset our loss"...said one representative.
If you want to know more, contact me!
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