The win-win situation for both the investor and the homeowner is what makes this a realistic and financially viable situation for all stakeholders involved.
Teaneck, NJ (PRWEB) September 22, 2010
As bank foreclosures rise, First Fidelity Homes increases its acquisition of bank foreclosed homes. The company recently acquired its 15th REO property in Florida. Committed to saving communities, First Fidelity provides a socially responsible solution to these bank foreclosures that is different from traditional flipping. Flipping homes can be detrimental to the physical, social, and economic well-being of a community since homes are left vacant during the process. Instead, First Fidelity offers these homes with seller financing to homeowners and structures the monthly payments to be significantly lower than market rents in the area, ensuring the homes stay occupied.
Once they are generating revenue, these properties are then offered to investors at about 50% below market value. In addition, they come with a high annual return. The investors’ role is similar to that of a bank and involves no landlording and no maintenance since the homeowners are responsible for all taxes, maintenance, and insurance.
Farouk Sheikh, CEO of First Fidelity, created this model as a solution for investors who were eager to invest in bank foreclosures, but lacked the time and resources to acquire and evaluate the properties, and then turn them into cash flowing entities. At the same time, there were homeowners in need of affordable lending options. “We figured out a way to create a win-win situation for hardworking American families who wanted to own a home and for investors to make excellent returns with bank foreclosures,” explains Sheikh. “The win-win situation for both the investor and the homeowner is what makes this a realistic and financially viable situation for all stakeholders involved."
For more information on First Fidelity Homes’ investment program or to view available investment properties, please visit http://www.firstfidelityhomes.com/ProgramOverview.
About First Fidelity Homes
First Fidelity Homes is a socially responsible real estate firm headquartered in New Jersey that offers revenue generating bank foreclosures at a discount to investors. The firm has been involved in over 250 bank owned real estate transactions. First Fidelity offers cash flowing bank foreclosures for sale across the U.S. in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Michigan, Mississippi, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin.