How Renovated Foreclosures Stabilize Communities
According to an analysis of proprietary data from Auction.com and public record data from ATTOM Data Solutions, foreclosure properties renovated and resold by real estate investors supplied an estimated 118,000 affordably priced homes to owner-occupants in the last two years. These represented 68% of all renovated foreclosure resales during the pandemic went to owner-occupants.
Tony Tritt, owner and broker at Tritt Realty, a real estate company that buys and renovates properties in the Atlanta area, explained the importance of doing the right way when buying and renovating a property. “We’re still a business. Making a profit is important to us. But nowadays, delivering a product. Something that we feel proud of. I mean we live, work and play here.”
Real estate renovators like Tritt added an average of 33 percentage points in the market value to the distressed properties they resold in all census tracts nationwide.
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By Daren Blomquist
Private Lender, The Official Magazine of AAPL
Fall 2022 (Q4), p.26-27
Published on October 4, 2022