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Replies (25)
- klarek the realist
- Contributions:7044
Huh? I assumed the flippers are the ones trying to prop this sinking ship. They're in the business, literally, of taking advantage of deceitfully high and overpriced houses, so why in the world would they preach doom and gloom? That makes no sense at all.
- Alisande
- Contributions:514
Read their posts. You'll see what I mean. They aren't propping up crap.
- klarek the realist
- Contributions:7044
Who are you talking about? The flippers are the ones freaking out and hoping for a housing "rebound".
- eric obrecht, "buffalobyf"
- Contributions:43
I think flippers can blame themsleves for helping to create this bubble in the first place. That said, I think most are just trying to liquidate their flip gamble. I thinka lot of them got caught with their pants around their ankles...and buyers are the people doing the catching...LOL
- Brad Holly, "Brad Holly"
- Contributions:271
Maybe you're both right? Flippers with houses in inventory or nearing completion are hoping for a rebound so they can sell their homes. Others are preaching doom and gloom hoping to drive down prices even more and pick up "flips" even cheaper from desperate sellers.
- rockinblu
- Contributions:7202
Good post Brad. I wanted to post the same sentiment, but your wording is much better than mine would have been.
- goofball223
- Contributions:18
Mortgage lenders created this mess by writing sloppy mortgages then bundling them and selling them. The slow down in house sales has nothing to do with price. Imagine, even if your house sold for $20,000 most people don't have that much money in their bank account. They would need a loan, and nowadays loans are not to be had.
No amount of 'talking' or 'doom and gloom' are going to affect the problem. The taxpayers ultimately will have to bail out lenders. If not, creditors will probably tighten loans even more, even restricting the issuance of credit cards. I would guess if your $2000/mo spending limit went bye-bye, then so would the economy turn on its head!
No amount of 'talking' or 'doom and gloom' are going to affect the problem. The taxpayers ultimately will have to bail out lenders. If not, creditors will probably tighten loans even more, even restricting the issuance of credit cards. I would guess if your $2000/mo spending limit went bye-bye, then so would the economy turn on its head!
- Aspiring One-Armed Economist, "walt526"
- Contributions:432
Some would probably consider me a "doomer" but I'm certainly not a flipper. I've never owned real estate and just want to buy (for a fair price) a SFH for my primary residence. I doubt that I'd ever even consider a second home, much less a flip or rental property.
- another_dustbunny
- Contributions:807
I think Alisande's saying that there have been a few flippers posting on Zillow trying to scare sellers into drastically lowering their prices so the flippers can get a better deal. This is different from most of the "doomers" and rational investors who are trying to inform sellers of what's going on in the market, both locally and nationally. The latter is helpful (if depressing) to us sellers, while the former is just plain manipulative.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Who brought the buyers to the mortgage lenders goofball? Your name says it all.
- PJ Sassifras
- Contributions:1225
LOL, Hamp.
- jimmy57
- Contributions:1511
" Is it just me or have flippers also been on zillow preaching doom and gloom?"
It's just you.
Right now, flippers are either counting their winnings or they're desperately trying to unload their last projects. Their game is over, and they're not preparing for a come-back.
It's just you.
Right now, flippers are either counting their winnings or they're desperately trying to unload their last projects. Their game is over, and they're not preparing for a come-back.
- 2 Big 2 Fail
- Contributions:0
There are still flippers out there. They are those "We Buy Houses" companies.
- Bubbleburst
- Contributions:378
I hear those are mostly scams. Alps - can you post some info on a legitmiate we buy houses firm?
- moorebuilders
- Contributions:6
I think house flippers are just trying to make a living. I have done a few myself and stand by a code of ethics as a realtor. Flippers are looking for an upturn to sell their properties too. I don't think you can blame all the "Mess" in the mortgage market on the Flippers. Properties just went up to fast because the lenders were giving loans to anyone who signed them. This "BAD"market is also very regional. I live in Virginia Beach,Va and our market is moving. Properties must be priced right and in move in condition to command the prices.
Where I am (central FL) everyone and their brother tried to play the "flipper" game. Here, you would run out of fingers to point. Bottom line, just about everyone went crazy for a couple of years..........now, we buyers on the sidelines are trying to sort out the mess that remains by engaging in discussions as to what the future may hold.
I think about half (?) of the people that would be characterized as "doomers" on this site, including myself, sold their houses and are now waiting for prices to stabilze. Dunno about other sites, but the vast majority of the "doomer" talk here is meant to be informative and cut through the NAR crap.
I think about half (?) of the people that would be characterized as "doomers" on this site, including myself, sold their houses and are now waiting for prices to stabilze. Dunno about other sites, but the vast majority of the "doomer" talk here is meant to be informative and cut through the NAR crap.
- goofball223
- Contributions:18
Hamp Yonce wrote "Who brought the buyers to the mortgage lenders goofball? Your name says it all. "
HUH??? Realtors? Advertising? If you are trying to say that this problem was my fault, then you're waay off. I work for the Navy.
If I were you, Hamp, I would look more closely at the buisnesses that are going bankrupt because of their shady lending practices. Then maybe you will understand why mortgage lenders are to blame.
HUH??? Realtors? Advertising? If you are trying to say that this problem was my fault, then you're waay off. I work for the Navy.
If I were you, Hamp, I would look more closely at the buisnesses that are going bankrupt because of their shady lending practices. Then maybe you will understand why mortgage lenders are to blame.
- Angelique01
- Contributions:2031
Me, too, K101. Everyone here that bought in the last few years thought they were going to make a killing.
- prim2007
- Contributions:160
This "BAD"market is also very regional. I live in Virginia Beach,Va and our market is moving.
I guess we only have a couple of agents posting on this site that are experiencing market declines. Everyone else seems to be moving along nicely with no troubles...yeah right.
I guess we only have a couple of agents posting on this site that are experiencing market declines. Everyone else seems to be moving along nicely with no troubles...yeah right.
- Consulting With Contoversial!, "The Answer Man!"
- Contributions:9
OMG!
T.A.M!
- Peter Tiemann, "ptiemann"
- Contributions:695
Alpine said
"There are still flippers out there. They are those "We Buy Houses" companies."
and I know he's right, at least to some degree. This is a great opportunity to buy cheap. Buy REO for 80% of the 1st mortgage, banks need to unload even if this 80% is way below fair market value, fix it up and sell it.
Example:
house sold in 2000 for $300k. Peak value in 2005 was $700k. First mortgage balance today is $400k (owner did a refi with cash out). House is in pre-foreclosure. Offer the bank 80% of those $400k = $320k and tell them that this house has plenty of code violations so that they cannot sell it easily. You will get this house for $320k.
Take care of the violations, fix it up, offer it for $390k. Someone will be very proud to get a house that was valued $700k in 2005 now for $390k, don't you think so?
-Peter
- BayWind
- Contributions:466
Peter
The problem with your math is Banks will not take 80%. Flippers and Investors are typically looking for 65% from a bank, most aren't even getting that right now. I think this downward trend caught the banks off guard and they "chased the market" like everyone else. I am now seeing them get more aggresive with pricing in my area, but 80%, no way.
- BayWind
- Contributions:466
Let me qulaify:
Investors are look to pay 65% of the list price on an REO. They may start at 70% of price, but don't usually go above 65%.
- Peter Tiemann, "ptiemann"
- Contributions:695
Baywind, I had said 80% of the first mortgage. That assumes that this first mortgage is 80% or less of the FRM. Well, 80% of 80% = 0.8 * 0.8 = 0.64, so your 65% of FRM is good.
My math usually doesn't work with properties that were purchased after 2003.
Flippers >:{
They seem to be in the majority of the posters. To bad we can't put them on a black list so we don't have to read through their spam. Zillow can you help us out with an ignore option?
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