Investors ruin it (foreclosures, bank fee, accepting, banks)
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Contact the investor who bought the property. Ask him if he wants to make
a quick buck by selling you the property for a small profit over what he paid.
... few if any of them will do this. ... only to make a small
profit if the potential is there to make so much more.
For the investor: A bird in the hand is worth two in the bush.
For the non-cash buyer: It never hurts to ask.
( corrolary is : It is always easier to get forgiveness than permission. )
As an investor in another arena, if I buy something and get a quick and
unexpected profit, I always sell - even if I anticipate higher prices.
It never hurts to ask ( or offer, in this case ).
Of course, there are going to be different definitions of "small profit"
between people. A quick 3% can be very nice on a $200k investment, but is the
non-cash investor going to be able to come up with $6k extra? Maybe. Maybe not.
I ignored this thread for a while but I may as well throw my 2 cents in. I understand you're frustrated that you're getting beat out for homes. If you want to pay more than the investor you can always do that and get the home but that's not my primary point.
Investors are good because the keep the market moving along. They rehab houses that most owner occupants can't or won't, whether its financial limitations, financing limitations, or time limitations. They help neighborhoods from having those eyesores sit around. They help property value when they resell the fixed up properties.
I know for a Real Estate Agent investors are great, but for the person looking for a home for their family it's a kill joy. Trying to buy a short sale in my area is frustrating when every time you submit a offer an investor gets it becuase it's a cash sale. Another offer taken off the table
Bin there dun that in Phoenix. I walked away in disgust, I was walking around with cash and couldn't buy a house. I'd sooner deal with a Used Car Salesman
Years ago, I used to admire people that made money “investing” in properties—buying them cheap and flipping them for big profit. Now that I’m older and realize how damaging speculating in a basic need such as shelter has been to our society, I’m not so enamored.
Now that I’m older and realize how damaging speculating...
This lament is about the "how" aspect and that for a only brief period of excess...
and most of that problem was still based in the loan/appraisal end of things.
Buying a property at a low price because it is rundown or for other reasons...
and then repairing that mess to make it habitable again whether as a rental or for purchase
(at a profit to the people investing and working) is anything but damaging to society.
Oh, I see now. It's doing God's work, kind of like Lloyd Blankfein said he's doing over at Goldman Sachs.
Would you prefer the decrepit home sit there until it finally gets condemned and bulldozed leaving a pile of trash behind? I'm certainly open to alternatives if you have them?
It only irritates me when there's an older home with original features that I'd like to buy and restore. Instead a flipper outbids me with cash and then guts the place and puts new cheap cabinets and granite countertops in. He might relist it at a price I can still afford (but usually most times not), but the charm of the house is lost to me.
Whatever happened to people being able to buy houses and fix them up the way they want them to be gradually over time? Just because I can't afford to fully gut a property all at once doesn't mean I don't have intent to fix it up over time in my own way.
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