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"Flip" by Another Name

Here's an article about "investors" buying foreclosured properties and selling them quickly - once repairs have been made and the property can qualify for government-sponsored guarantees or conventional financing. Team Patereau says this is not new - it's the very common practice of flipping. It happens in Gilroy and the surrounding area regularly.

We should all say a big "Thank You" to these investors who have the cash to take distressed properties off the market, more cash to fix them up, and the time to have their cash tied up until a new homeowner, oftentimes a first time buyer, can be found.