Investors looking for fixer uppers laden are grabbing cheap properties away from local governments in Florida. This rendered the federal homebuying program useless as local governments could not compete with cash-rich investors when it comes to purchasing foreclosure properties.
The Inland Empire Economic Recovery Corp. is seeking more funds to boost its efforts to buy properties on bank foreclosure listings and rehabilitate them. The first renovated foreclosed property of the organization in California will soon be put on the market for sale.
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