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Pittsburgh Firm Shopping for Distressed Property Investors

NOV 11, 2013 1:54pm ET
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The window of opportunity is still open for foreclosure-to-rent investors who are ready to invest in target markets such as Pittsburgh.

“There are incredible investment opportunities in the Greater Pittsburgh Area,” according to RHO Enterprises, the Pittsburgh-based franchise of HomeVestors of America, known for their flamboyant slogan, “We Buy Ugly Houses.”

RHO Enterprises is one of the firm’s two western Pennsylvania franchises now offering “wholesale, deeply discounted properties.”

It offers purchase property options for investors, enables property sellers to list and sell as fast as possible, or local contractors looking for management and renovation work and opportunity to connect.

“Because we can’t buy and fix every property that comes our way, we wholesale many of those investment opportunities,” executives wrote in an introductory letter to potential investors.

Over 100 property owners who need to sell their homes quickly contact HomeVestors each month. Roughly one to five sellers find an investor and reach an agreement each week, the company says.

Investors can review property listings “a full week before they are marketed to secondary advertising websites.”

The company offers continuous updating on its property listings as new houses become available at reduced prices, says Rachel Rhoads, a spokesperson for RHO Enterprises LLC.

“We screen all of our properties for both rental and retail investment potential and inspect them ourselves,” before putting those homes under a for-sale agreement, she says. Advertised properties match demand “for at least some of the investors on our list.”

Interested investors receive an additional photo package with 50-60 pictures to help them assess the property before they schedule an appointment to view the house.

Homeowners sign an agreement with RHO Enterprises assigning it the sales process from start to finish. All properties are sold in an “as is” condition. Closings take about 30 days. A real estate attorney ensures the buyer will receive free and clear title. Buyers can purchase using cash or other financing.

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