Philadelphia Weekly

REAL ESTATE

Getting first dibs on HUD foreclosures

Nonprofits have window of opportunity to buy properties

By Inman News Feed

Add Comment | Comments: 0 | Posted Apr. 1, 2011

"As the name implies, we do get a first look," said Tom Caldwell, an underwriter with GLCF. "The idea behind it is to try and get these properties out to nonprofit organizations that aren't looking to flip them. The nonprofits are seeking to find a property, get it renovated using NSP funds, and put it back into homeownership so that it will stabilize the community."

GLFC has been working the First Look program in such medium-sized Michigan cities as Grand Rapids, Kalamazoo, Lansing, Muskegon and Ypsilanti.

"The homes are mostly in urban core neighborhoods," Caldwell said. "A lot of the properties we've seen had subprime mortgages. If the homes can be turned around with good, solid homeownership -- which is what our buyers/partners want to see happen -- it is a big win for the neighborhoods."

Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade," has been ranked as a top-selling real estate investment book for the Amazon Kindle e-reader.