I participated in a Brokers Tour this week to show off my listing, which is a fabulous renovated cape. My client purchased the bank-owned property, fixed all the plumbing and electrical issues, totally remodeled the kitchen and two full bathrooms, repainted, landscaped, and tended to all the details to make this house look great.
The house is completely move-in ready and just waiting for some new owners. So at the tour, I was invariably asked if the owner was a flipper. I replied, "I prefer to call him a neighborhood revitalization specialist."
The number of bank-owned properties are increasing, and neighborhoods are suffering as a consequence. We should be welcoming investors who take a huge risk to purchase, restore, and resell a vastly improved home. They have to carry the costs and hope to recoup the money they spent in improvements, which is especially risky in this market.
The term flipper connotes someone who buys a distressed property, slaps on some paint, pads the costs, and reaps huge profits. I know this isn't always the case, but public opinion of flipping is often a negative one.
On the other hand, a neighborhood revitalization specialist is someone who assesses the property, calls in licensed contractors to fix all the mechanical and electrical systems, remedies problems that would prevent the sale of the home, cleans and refurbishes each room, and may upgrade kitchens, baths, etc.
My client is a NEIGHBORHOOD REVITALIZATION SPECIALIST and he should be commended for helping to save the neighborhood!
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