Question for realtors - 78756 and 78757 (houses, buyers, inspections)

[orngkat]

We are curious why it is that every time an older, smaller (2-1) home in these zip codes comes on the market, it seems to be sold to a developer or flipper? Seems like this deprives individuals or families from an opportunity to live central unless the end buyer has the means to purchase the upgraded house once finished.

[pop251808]

Originally Posted by orngkat

We are curious why it is that every time an older, smaller (2-1) home in these zip codes comes on the market, it seems to be sold to a developer or flipper? Seems like this deprives individuals or families from an opportunity to live central unless the end buyer has the means to purchase the upgraded house once finished.

Get in there, dude!

[Sam.adams33]

Originally Posted by orngkat

We are curious why it is that every time an older, smaller (2-1) home in these zip codes comes on the market, it seems to be sold to a developer or flipper? Seems like this deprives individuals or families from an opportunity to live central unless the end buyer has the means to purchase the upgraded house once finished.

Because they:

1. Market for the properties - solicit sales.
2. Pay more, and pay faster.
3. Cash is king. No contingencies, no inspections, no financing.

[pop251808]

Originally Posted by Sam.adams33

Because they:

1. Market for the properties - solicit sales.
2. Pay more, and pay faster.
3. Cash is king. No contingencies, no inspections, no financing.

That's SO unfair.

[Sam.adams33]

Originally Posted by pop251808

That's SO unfair.

I know, right?! It should totally be illegal. There should be a housing authority that determines the buyer with the greatest need for housing whenever a house is sold. This way multiple offer scenarios won't push out the little man.

Sellers are greedy anyway, the market needs to be regulated to be fair.

[hound 109]

Originally Posted by Sam.adams33

I know, right?! It should totally be illegal. There should be a housing authority that determines the buyer with the greatest need for housing whenever a house is sold. This way multiple offer scenarios won't push out the little man.

Sellers are greedy anyway, the market needs to be regulated to be fair.

Correct. If the buyers eat meat, don't drive a prius & hand out first place trophies (instead of participation trophies).... then they should have to pay a premium.

[austin-steve]

Originally Posted by orngkat

We are curious why it is that every time an older, smaller (2-1) home in these zip codes comes on the market, it seems to be sold to a developer or flipper? Seems like this deprives individuals or families from an opportunity to live central unless the end buyer has the means to purchase the upgraded house once finished.

Because the house is worth less than the lot it sits on.

The original 2/1s are functionally obsolete except to a small subset of buyer who value the location and price point of a smaller, older house more than they do the creature comforts of a large, modern more expensive home. Most are in the latter category so the market produces product to fill that demand.

Steve

[pop251808]

Originally Posted by austin-steve

Because the house is worth less than the lot it sits on.

The original 2/1s are functionally obsolete except to a small subset of buyer who value the location and price point of a smaller, older house more than they do the creature comforts of a large, modern more expensive home. Most are in the latter category so the market produces product to fill that demand.

Steve

True enough. But too bad COA development rules keep people from building what would meet market demand, absent those rules. COA design guidelines are trying to "refresh" mid-century suburbs in 150% scale!

[orngkat]

a small subset of buyer who value the location and price point of a smaller, older house

Kind of sad though that there isn't even the opportunity for those wishing to buy a smaller home and perhaps fix up a little at a time. Amazing how standards of what home buyers "need" in a home has escalated in the past few years.

[pop251808]

Originally Posted by orngkat

Kind of sad though that there isn't even the opportunity for those wishing to buy a smaller home and perhaps fix up a little at a time. Amazing how standards of what home buyers "need" in a home has escalated in the past few years.

Hopeful Buyers CAN buy. But they have to have cash ready to close FAST after making an offer to a potential seller (many of these old houses don't make it to a listing, let alone MLS), they have to, like a developer, assume the house is substandard and forget doing any due diligence after making a concrete offer, and that's about it.
As to your second statement above, I agree completely, it's kind of disgusting, really.