Published April 17, 2010
Flippers are buying beat-up, damaged properties, remodeling them and then reselling them for profits of 10 percent to 12 percent of the final sale price. They were blamed for driving prices sky-high during the bubble, but so far, residents, homebuyers and experts say that these next-generation flippers are serving an important purpose. They’re paying cash for properties that nobody else wants — properties that often aren’t eligible for financing for typical buyers — and making them into homes people want to buy.
|VIDEO/PHOTOS: Flippers snap up foreclosures, remodel and resell for a profit||April 17, 2010|