McGraw, 66, hadn’t been able to make a mortgage payment for a year but remained in her house regardless, fighting for a modification. Then in March, she said, the man arrived. “He said, ‘I represent the investors who have purchased your home,'” said McGraw. According to a deed later sent to McGraw, the house had been bought by a California-based couple.
The strange visit from an investor liaison notwithstanding, McGraw’s home represented one of millions of foreclosure properties on the market. Despite the risks of buying into a sagging housing market, a small group of investors eye such real estate with cash in hand. And some want a quick flip.
- Flipping foreclosures becomes new game (georgegmiller.wordpress.com)
- Flipping and its pitfalls: Part 1 (bouldersuz.wordpress.com)
- Foreclosure-Response.org widget updated with LISC’s Foreclosure Risk Score and Housing Market Index for December 2010 (policymap.com)
- Fresno foreclosure activity gained some steam in March (fresnobeehive.com)
- Home Mortgage Grace Period (themortgagepot.com)
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