The Resale Challenge

[David Wildman]

Seemingly the majority of discounted, distressed properties are in neighborhoods with no recent sales other than foreclosures purchased at the same price you purchased your property for.  How have you overcome this obstacle to resale?  Are lenders really going to finance a $120K purchase for a buyer in a neighborhood with zero recent comps other than foreclosures?  Do they care that most of the homes were bought for $140K before the recession? Not likely, but they should place a higher value on a completely renovated property than a distressed property.  Has this been your experience or is flipping too rare an opportunity to pursue?