Finding Big Value In Underwater Homes
How can those engaging in the real estate market in San Diego uncover big profits by creating more value in underwater homes?
Despite the Southern California housing market becoming sizzling hot this summer, there continues to be many missed opportunities to find and create value for acquiring rentals and flipping real estate in San Diego.
Many investors are therefore focused on competing over REOs, auction homes, new MLS properties and foreclosures in San Diego. As a result, there are still many great deals floating under the radar that could offer plenty of value.
Short sales are what come to mind when anyone mentions underwater homes. They are normally associated with getting a mortgage lender to accept less than what is owed in order to facilitate a sale. There are still many of these potential short sale foreclosures around San Diego County, even though foreclosures here may be at a 7 year low.
However, there are also other reasons that a property owner can be ‘underwater’ or feel that they won’t pocket enough cash proceeds to make selling an attractive option. This can include a variety of liens, code enforcement violations, vendor’s mechanic’s liens and more.
What many don’t realize is that most of these items can be negotiated out for pennies on the dollar, creating equity and huge value for real estate investing in San Diego. For example; negotiating an $80,000 lien down to an $8k payoff can create a lot of profit for an investor and maybe even enable the seller to walk away with some cash.
For busy real estate investing pros that like this concept, but are still desperate to maximize their time and cut down on hassle, CT Homes, LLC already has an attractive line up of wholesale properties and recently renovated rental homes available for immediate purchase.