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Answers (7)
- geoffboston
- Contributions:5
Yesterday I was ready to make a cash offer and was told once again by a sellers agent, "They owe this much" What you owe is not my problem. There is a true price for the property. Get real and the same for these agents and brokers who jack up the price because they got caught in the drop. Yesterday some joker broker had a home priced three times the county assessment. And then had the nerve to tell me this is what he paid for the property two years ago. Unbelievable.
- Derek Zasaretti, "Derek_Zasaretti"
- Contributions:343
I don't think there is anything wrong with a legitimate flip. Taking a total wreck , renovating and selling. I think the wholesalers concept added to the flip is the problem.
- Pasadenan
- Contributions:21460
From what I'm hearing, the Federal Reserve is planning on injecting more money into the economy to cut the value of the dollar in half, so that these flippers can sell the property for the number of dollars they owe.
It won't make the property worth any more, it will just mean the dollar won't be able to buy as much.
It will be interesting to see whether the FED really takes that action. Apparently, they are discussing such options tomorrow morning.
It won't make the property worth any more, it will just mean the dollar won't be able to buy as much.
It will be interesting to see whether the FED really takes that action. Apparently, they are discussing such options tomorrow morning.
- Brenda Pierce, "BrendaPierce"
- Contributions:73
This is a common mistake for beginner flippers - they almost ALWAYS equate the value of the home to what they put into it, not what the market says it's worth. They haven't learned the hard lesson of buying really low and then being careful about how much they spend to rehab a home. They fail to take the market into account.
If you want to make an offer on a house, I would look at comparable sold properties in the area to get an idea of true market value, then offer based on that. If they don't accept, then move on.
On the other hand, just because you have cash does not mean that people are going to give away their houses for a super low ball price. Be realistic in your offers, based on the market, and you will be successful. If you are looking for un-rehabbed bank owned homes, then you are going to get a pretty good deal to do the work yourself.
Overall, this market is not a good one for flipping homes unless you are extremely good at it and know where to pick up the very best deals, and yes, those require cash.
If you want to make an offer on a house, I would look at comparable sold properties in the area to get an idea of true market value, then offer based on that. If they don't accept, then move on.
On the other hand, just because you have cash does not mean that people are going to give away their houses for a super low ball price. Be realistic in your offers, based on the market, and you will be successful. If you are looking for un-rehabbed bank owned homes, then you are going to get a pretty good deal to do the work yourself.
Overall, this market is not a good one for flipping homes unless you are extremely good at it and know where to pick up the very best deals, and yes, those require cash.
If the flipper made some good choices on upgrades, and is now stuck with the property, I'm game. I love offering less than what they have in the house...
Flipper: But Roberto, that is less than what I paid and put into it.
Me: Oh, I see your point. Will a few more months of paying the mortgage, insurance and taxes make my offer seem better? I can wait!
Flipper: But Roberto, that is less than what I paid and put into it.
Me: Oh, I see your point. Will a few more months of paying the mortgage, insurance and taxes make my offer seem better? I can wait!
- wetdawgs
- Contributions:26833
I avoided flippers by looking at the last sale date before looking at the property. I know what they are doing, but doing want to play their game. It was simple to avoid.
- lisa911332
- Contributions:49
I know what you mean. Half the homes on the market are completely overpriced and will never appraise even if they find a buyer willing to pay. I've seen the same homes for sale for 2 and 3 years. There are a few homes in my neighborhood that have been for sale since 2006 with hardly a price drop. I don't know how someone can have a house on the market that long.
I am really getting tired of "flippers" trying to get what they owe on a property!
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