Real estate investors commonly buy homes in “as is” condition. this often leads to cleaning out nasty messes from prior owners and tenants, and usually results in bringing on a cleaning crew or remodeling part of the home. However, you rarely expect to take ownership of a home to find the body of the previous owner rotting in the garage. Continue reading
Homeowners aren’t the only ones making an investment decision to walk away from their mortgages. Apparently banks are walking away from their abandoned properties too. Banks that hold properties that suffer from deferred maintenance, vandalism, or declining property values may cost more to foreclose, manage and sell than the property is worth. In situations like these, many banks are a choosing to abandon the vacated property and consider it a loss. Continue reading