House Flipping Not What It Used To Be
Have you ever considering buying someone’s house out of debt in order to flip it around to sell for better profit? According to the Las Vegas Business Press – you might want to think again. As the foreclosure rate creeps up in the Las Vegas Valley, the options for homeowners in financial trouble may be dwindling. A rise in interest-only and adjustable-rate mortgages have left even the distressed-property buyers saying “no thanks” to many homes a few steps away from auction.
Despite a recent increase in signs around town promising such things as “CASH FOR YOUR HOUSE in 48 HOURS,” “WE BUY HOUSES FAST CASH ANY CONDITION” and “AVOID FORECLOSURE,” the market for mortgage defaults isn’t that good right now, lamented some in the foreclosure-buying industry.
