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Old 07-29-2019, 07:58 AM
 
Location: Pittsburgh, PA (lovely hills but no ocean...)
1,188 posts, read 635,423 times
Reputation: 1339

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I love Dormont and I'm all for improving neighborhoods and such but a flipper buying this last year for $67k and having the audacity to sell it one year later for $250k more does nobody any good. It's insanely overpriced. And these are the guys illegally nailing yellow signs to telephone poles "We Buy Any House". Ridiculous. Keep tearing 'em down.

https://www.realtor.com/realestatean...iew=qv#photo23
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Old 07-29-2019, 08:22 AM
 
Location: Pittsburgh
5,966 posts, read 7,104,820 times
Reputation: 8750
Yes, I pull down every one of those signs I can reach.
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Old 07-29-2019, 08:22 AM
 
Location: Downtown Cranberry Twp.
8,898 posts, read 5,517,519 times
Reputation: 2068
What did it look like before?

How much money was put into the flip?

People aren’t allowed to make a profit?
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Old 07-29-2019, 08:23 AM
 
Location: Downtown Cranberry Twp.
8,898 posts, read 5,517,519 times
Reputation: 2068
Quote:
Originally Posted by Moby Hick View Post
Yes, I pull down every one of those signs I can reach.
Why?

Nobody is forcing anyone to sell their house to them.
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Old 07-29-2019, 09:08 AM
 
Location: Ben Avon/Kilbuck
551 posts, read 211,169 times
Reputation: 209
Yeah I have to agree, why is this an issue? The home looks beautiful and appears to be a complete remodel. Open up an older home and they might have had to replace everything. Also it was noted termite treatment so they may have had to do structural. No one knows what they had to put into this home but those updates were not cheap. Aside from any of that if the home is not worth that much it will not sell and if someone is willing then it will need to appraise if there is a mortgage. If the builder overdid the home for the area then someone might get a wonderful home at a low price. If someone does buy and it appraises I still do not see it as bad per say, home values in general will go up for the area which is good for home owners and is basically reflecting that the area is more desirable. Sure if someone wants to rent those prices will go up and new buyers might not be able to get in there but still don't see it is a horrible thing.
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Old 07-29-2019, 09:10 AM
 
Location: Downtown Cranberry Twp.
8,898 posts, read 5,517,519 times
Reputation: 2068
^^^^
This
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Old 07-29-2019, 09:12 AM
 
Location: Pittsburgh
1,098 posts, read 939,718 times
Reputation: 755
OP, What do you think the place should sell for? Lets run the numbers to see if the economics make sense at what you believe is fair.
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Old 07-29-2019, 09:12 AM
 
Location: Ben Avon/Kilbuck
551 posts, read 211,169 times
Reputation: 209
As for We Buy, yeah I dont love them. Not all bad but some do take advantage of people in bad situations, I cant say this was though. Some people need $ now and We Buy will be the quickest way which may or may not be the case. I had a client who had issues come up and needed to sell quick, they were promised 30 day cash and they did not want to risk listing. They ended up closing in about 60 days so in the end it was no quicker and they might have gotten another 10k+ for their home which is a big deal when you are having money issues.
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Old 07-29-2019, 09:17 AM
 
Location: Pittsburgh
1,098 posts, read 939,718 times
Reputation: 755
Quote:
Originally Posted by Knepper3 View Post
As for We Buy, yeah I dont love them. Not all bad but some do take advantage of people in bad situations, I cant say this was though. Some people need $ now and We Buy will be the quickest way which may or may not be the case. I had a client who had issues come up and needed to sell quick, they were promised 30 day cash and they did not want to risk listing. They ended up closing in about 60 days so in the end it was no quicker and they might have gotten another 10k+ for their home which is a big deal when you are having money issues.

A lot of people don't understand that most "we buy houses" signs are by people that don't actually buy houses. some do, but most are just wholesalers that have a network of investors that they know they can sell to at sightly higher price than what they offer. I personally think wholesaling should require a real estate license, but thats a completely different conversation.

at the end of the day, more people benefit by homes being improved and selling for higher prices than do if the homes sit in disrepair and the area stays stagnant.
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Old 07-29-2019, 09:21 AM
 
Location: Ben Avon/Kilbuck
551 posts, read 211,169 times
Reputation: 209
So this home is under contract, not sure what the accepted price is but it is comparable.


https://www.zillow.com/homedetails/1...11571209_zpid/


Then you have this home for sale still, it is smaller but updated.



https://www.zillow.com/homedetails/5...11652689_zpid/


I dont see the OP home as some crazy price, it is top end and not sure it would appraise or get offers. What they paid vs they are selling has no meaning.
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