Samantha Tay…, Real Estate Pro in Columbia, SC

Are there any investors willing to form a group that will buy people's homes facing foreclosure and leasing?

Asked by Samantha Taylor, Columbia, SC Thu May 22, 2008

them back to them over a 12-24 month period of time?

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3
Scott Godzyk, Agent, Manchester, NH
Sat Dec 20, 2008
the houses are being bought up with investors with CASH money, not the average guy who needs a loan. The unfortanate thing is most investors buy to fix and sell, they want to turn their money quick. I have seen a trend with condos being bought up by investors and rented because the value is half of what it was and will go back to that in a few years, so renting is the best way to wait out a market. the problem with buying a foreclosure and renting it back to the person who is losing it, is if they casn not afford their mortgage due to job loss when they have something to lose, they wont be able to pay rent either when they have nothing to lose. There is help for people who can no longer afford due to their interest rates being raised, unfortanately it is 2 years too late for most but for anyone going through it now, call your bank, ask for the home retention department and ask about applying for a loan modification or forebearance. dont pay a company or person the last of your savings for something you can do yourself, there is help, but you have to ask and have to be employeed or be able to make a payment, even if it is less than what they are charging you now, they are lowering interest rates and payments. good luck all....
Web Reference:  http://www.ScottSellsNH.com
0 votes
Hezekiah, , Columbia, SC
Sat Dec 20, 2008
Now this is what I am talking about here when it comes to foreclosures and renting them out to good people!

You can't tell me that those many homes that sat empty after foreclosure and went to REO's and then to auction, weren't bought up by investors for pennies on the dollar at the auction sales, including realtors and realtors relatives owning them as they are advertised as that on the MLS that I just learned about doing a research when a realtor answering my question said banks would rather let them sit empty! That's BULL!

These "investors" do a quick fix up and in about 4 weeks are up for sale or mainly rented out for a high price to college students for $1000-1500 a month in the Columbia, SC area. College students aren't going to take care of a house as well as a good family who need and deserve a home. It just bothers me watching on tv these families tossed out. Sure, there were some people who bought more than they could afford or didn't want to wait for years until they could afford a better home after making a profit on their homes they were in at least 5 years or more. Now people are "upside down" on their homes mortgages owing more than they are worth. My mother use to call that type of situation when I was a teen many years ago "paying on a dead horse." So much for good will and doing kind things for people except a portion of people at only Christmas time or to get a tax write off for their. If it wasn't for children caring about others not having bicycles for Christmas, other kids selling lemonade in the summer to help a child they know with cancer or some other serious disease (children have that pure heart), or good employees in a company pulling their resources together to make families have a Christmas, where would these kids and families be. The same thing needs to be done with an EMPTY HOME not just an EMPTY HOUSE that's NOT a home!
0 votes
Debbie Barna…, , 29301
Mon May 26, 2008
I help 2 investment groups here in the Upstate/Spartanburg SC at this time only purchasing homes at the 100k price point. We have a great market in this area and prices have actually increased 2% in the last year. Lots of new industry. If you'd like to have an introduction, give me a call.
Debbie Barnard/Realtor
Joy Real Estate Co. (864)245-4866
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