ML-Implode News - Big-money funds buy foreclosures -- to rent

``Right now, Carrington is buying bank-owned properties off the MLS, rather than homes about to revert to banks or sold on the courthouse steps. That means they can get inside the houses first and look around, lessening the risk the place will turn out to have major problems. They also sidestep having to evict current homeowners or tenants because the bank already did.
"We're very picky when it comes to what we're buying,'' Sharga says. "In our case we're only looking at detached single family residences in markets where home price appreciation is realistic.'' The fund is in 12 primary markets across the country, he says, and in another dozen secondary markets. Orange County is considered a secondary market because homes here cost more to buy than elsewhere. ''

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Big-money funds buy foreclosures -- to rent