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Ohio Residents Buy Properties To Fight 'Flippers'

Posted by: Nate Berg

26 November 2007 - 8:00am

Community members in Ohio are fighting against real estate prospectors by buying up property before investors can move in to "flip" them for a quick profit.

"Trying to keep strategically valuable properties out of the hands of banks and investors, some communities are starting to head them off at the sheriff's auction."

"In July, a group of impromptu investors - all College Hill residents or business owners - offered $85,000 for a former office supply store just north of Cedar Avenue in the Hamilton Avenue business district. They outbid Wesbanco Inc., which foreclosed on the previous owner after he defaulted on a $100,000 loan."

"'We didn't want to leave it up in the air for who-knows-who would buy it,' says Elizabeth Sherwood, president of the College Hill Forum and one of nine investors in Streetcar Properties LLC."

Full Story: Communities beat 'flippers' to the punch
Source: The Enquirer, November 25, 2007
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