Ready to Buy, Got Money, Few Takers

Real estate analyst Bruce Norris of the Riverside-based Norris Group owns 24 houses in Riverside, Perris and Moreno Valley that are in the fix-up stage right now. He bought them from banks and is rehabbing them to sell to homebuyers. He said his group spends about $35,000 per house in fixes. A house he buys from a bank for $100,000 might relist for $175,000 or so after he\’s rehabbed it. \”People think they want to buy an REO because it\’s a deal,\” he said. \”I think most of the people that buy an REO at a discount are not prepared by the cost they find once they get there. I think it sets up the next foreclosure.\”