American Homeowner Preservation (“AHP”) [recently] launched ahpbids.com, an outlet website to sell homes nationwide for under $40,000.
American Homeowner Preservation (“AHP”) [recently] launched ahpbids.com, an outlet website to sell homes nationwide for under $40,000. AHP purchases pools of defaulted mortgages from banks and other lenders at big discounts. Families are then offered sustainable modifications to stay in their homes. However, if a home is vacant or the family does not want to stay, then cash incentives are offered for deeds-in-lieu of foreclosure. These unwanted homes, and those which AHP forecloses on, are then offered for sale.
“Vacant homes blight communities and negatively impact neighboring property values,” said Jorge P. Newbery, AHP’s Founder and CEO. “We want to get these homes back into service as soon as possible by offering these at attractive prices.” Homebuyers and investors are all welcome to purchase. Repairs are often needed and buyers can competitively bid or buy-it-now.
There are likely still several years of inventory which remain: AHP estimates that there are approximately $300 billion in underwater mortgages outstanding, with concentrations in low-to-moderate income communities. Negative equity, and a corresponding greater risk of default, is concentrated in communities of lower value homes: 27.4% of bottom-tier homes, by value, were in negative equity in the third quarter of 2014. In contrast, 15.7% of middle-tier homes and 9.3% of the highest-tier homes suffered from negative equity, according to Zillow’s third quarter 2014 Negative Equity Report.
Further, although AHP’s portfolio is nationwide, there are concentrations in judicial foreclosure states such as Illinois, Ohio, Indiana, New York, Pennsylvania and Florida. “With our portfolio of REO being geographically diverse, we believe that ahpbids.com is an effective tool to reach buyers,” Newbery said. “We are excited that buyers can buy properties at cheap prices and contribute to the rebuilding of these communities.”
American Homeowner Preservation raises capital from accredited investors through their real estate crowdfunding platform, ahpinvest.com. Capital raised fuels the purchases of mortgage pools, of which a portion become REO offered through ahpbids.com. Interested parties can learn more at ahpbids.com, info(at)ahpbids(dot)com or by calling (800) 555-1055.