• 14

    Feb

    Flipping redemption

    Buying low and selling high is the key phrase with real estate purchased for the purpose of flipping. The most important part of that phrase is buying low. With a foreclosure there are three times a purchase can be made. (1) Pre - foreclosure, when, or before the homeowner has been notified by the bank that because they are behind with payments the mortgage company is requiring a financial solution to be worked out that is acceptable to them, or to pay the loan off. (2) At the auction, or commonly called at the courthouse steps. (3) Or an REO property which means real estate owned. REO is what the bank calls the property, when they have gotten the property back, because it was not purchased at the auction. The common problem with a foreclosure is that because lenders have had available
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