Delavaco Properties LP plans to spend as much as $30 million this year and $40 million in 2012 to buy bank-owned houses and condominiums in foreclosure-ridden South Florida. The private-equity fund will pay cash.
As lenders tighten mortgage standards and consumers stay on the sidelines amid a five-year slide in home prices, all-cash purchases are surging. The deals are done mostly by investors who can get properties for less than buyers needing loans, fix them up and resell or rent them.
Click HERE For More Information | Washington Post
NewsletterSignup for the free Sikora Law newsletter to keep up with the latest news and events about property law!
- Our 150th Post: Ohio Supreme Court Holds Appeal of Planning Commission Order by Service of Summons by Clerk of the Courts on Administrative Agency Along with Notice of Appeal within Statutory Timeframe is Sufficient
- Federal Reserve chief has one recipe for housing market
- Distressed Property Sales Drop, Despite Push to Sell
- American home equity cut by one-third
- More lawmakers join major push to reduce QRM down payment