Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |   February 14, 2011  |   More Cash Investors Snag Foreclosure Deals
Real estate investors are starting to re-emerge, and they’re eyeing bargains in foreclosures and coming with cash.

In the Chicago area, Jen Ortman, manager of the new Prudential American Heritage office, says that investors mostly are purchasing single-family home listings for $100,000 or less.

Other buyers are usually unable to take advantage of these bargain deals because they can’t afford taxes on the properties, which often are $7,000 to $9,000. Also, some of the homes have mold or other problems so buyers are unable to get financing to purchase the home, Ortman says.

"Investors can buy what others cannot because they have cash and don't need a bank to finance them," Ortman said.
The cash investors are stepping in to buy these bargain foreclosures with the intention to fix them up and flip them for profit.

Source: “More Foreclosure Bargains Are Being Sold to Cash Investors,” Chicago Daily Herald (Feb. 13, 2011)

Related News:

Foreclosure Notices Reach 3-Year Lows

Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!