Are homes that are flipped and foreclosure homes the same?
Question:
Answer:
Not the same processes of course, but flipped house could have been bought as foreclosures.
Sorry I'm not familiar with the show..but in real estate, houses that are flipped are usually the fixer-uppers. That's why they're much cheaper than their regular neighborhood price. It's actually harder to flip foreclosed properties since it may have some liens on it or other pending legal issues. A flip is essential a quick resale of a house for a higher price after some substantial renovation has been done on it.
I'm not sure if what they show you was a foreclosure. I can tell you that you don't see the whole process on tv. Flipped home are homes that someone has purchased, renovated and are sold again. They could be foreclosures or not.
You can buy a foreclosure home, and then "flip" it.. or you can buy a non-foreclosure home in need of repairs and/or being sold at an under market price...and "flip" it. http://www.choicefinance.net/foreclosure...
Hi,
Some of the homes on Flip That House are foreclosures, some are not. When a homeowner stops making their mortgage payments, the lender forecloses on the house -- files a lawsuit and takes back the house. Investors can scoop up the houses in pre-foreclosure (between the time that the lawsuit is filed and the time it is sold on the courthouse steps) or they can buy it at auction on the courthouse steps.
Not all foreclosed properties are a bargain. But any house that a rehabber wants to flip needs to be bought at bargain prices. Rehabbers/flippers typically try to buy a house at 50 cents on the dollar. They dont care if it is a foreclosure or not. It is all in the numbers.
Take care,
Barbara
www.therealestatebirddog.com
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