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Of course I'd expect any seller to take the best offer they're given. Not sure what I said that made you think otherwise. But based on what I've read on CD and what I've heard IRL, most people don't sell their home just to collect equity. That's icing on the cake. Most people sell their house because they're moving. New job/relocating, other life change, need a bigger house, downsizing, etc. That doesn't mean they don't want the best deal, but their main motivation is to move on with their life. I've yet to meet anyone but you who sold their primary residence for the sole purpose of cashing in. Not to say your reasons are wrong, you're just maybe not status quo.
Actually a lot of people sell (that are not flippers) to take the equity they made. My first home increased in value by $75k in 3 years. We sold, took the profit and moved less than 2 miles away with a nice chunk of change in the bank!
If this house IS NOT at market value than it will sit. If IT IS at market value than it will sell for near asking, asking or maybe even above the asking price! If you are not willing to pay what they are asking solely because you are mad that the seller will make a huge profit then that is ridiculous! What a seller will make on the sale should have NOTHING to do with your buying decision!
Ding ding ding ding ding!!!!!!!!! That's exactly my point. So, best case scenario is that the work *was* done and it was done *well*, but because these flippers wanted to turn a quicker profit, *I'm* expected to pay more?? Not because it's a better product, but because it was flipped in 10 days. It's not my problem that he wanted it done and back on the market in 10 days nor do I see value in paying for that considering I'm not in a hurry and I'd rather save money than time. I don't mind paying, but it had to be worth it to me. This particular type of flip with these specs isn't a good value.
Did you ask the selling agent what was done to the property? A roof can be $10K, electrical $5k, new floors $5-10k, new carpet $5k, new windows $5-20k, new HVAC $5k, new appliances $5k etc, etc. If it's an older property the need for updated mechanicals adds up quickly and you might not see those $$$ as much cosmetically. So you saying it doesn't warrant a $100k sales increase might be very wrong!
To me it sounds like you need to look in a lower price range then. With that lower price range you may need to come up with extra $$ to update items that where not updated due to the lower price.
Wow. I can't believe people have continued to engage, and reinforce, the OP for 17 pages. If they were serious about buying a home, they would have at least made an offer on one by this point. Wait, supposedly they did on this particular home, lowballing with no agent representation but for some reason, we've not heard back on whether this "offer" was accepted. It's been entertaining to read, if nothing else.
Made the offer 2 days ago. Didn't hear back. Not a problem.
Ding ding ding ding ding!!!!!!!!! That's exactly my point. So, best case scenario is that the work *was* done and it was done *well*, but because these flippers wanted to turn a quicker profit, *I'm* expected to pay more?? Not because it's a better product, but because it was flipped in 10 days. It's not my problem that he wanted it done and back on the market in 10 days nor do I see value in paying for that considering I'm not in a hurry and I'd rather save money than time. I don't mind paying, but it had to be worth it to me. This particular type of flip with these specs isn't a good value.
I still don't know how you aren't getting this. I really don't. What they paid for the home is not relevant. The cost of the renovations is not relevant. The amount of time they owned the home or the time to complete the work is not relevant. The only thing that is relevant is what other buyers are paying for similar homes. That is not something I've seen you address at all. So tell me, what are the recent similar homes being sold for?
The problem with your scenario is if everyone is charging $21.50 for that pizza, then you pay it or go hungry.
Wrong! There's a 3rd option: I buy low too and renovate myself (not to flip but to live in.) See, that's another thing people think when it costs $1.80 to make a pizza but someone wants to sell it for $21.50. Not only is it annoying that someone is trying to skrew u silly, but it reminds you of what a great idea it is to make it yourself. This way you can add your own spices and herbs (translated to house buying analogy: custom make your house.) Since we're all in agreement here that flippers must make a profit, it'll be less costly to me and I'll get exactly what I want.
I still don't know how you aren't getting this. I really don't. What they paid for the home is not relevant. The cost of the renovations is not relevant. The amount of time they owned the home or the time to complete the work is not relevant. The only thing that is relevant is what other buyers are paying for similar homes. That is not something I've seen you address at all. So tell me, what are the recent similar homes being sold for?
I did address that, but it's a long, convoluted thread and I don't think anyone but me has read it in its entirety, as several others have replied acting like I've never addressed something that I have addressed. Other homes in the area are only going for this Asking Price if they have 2 bathrooms. That's a huge deterrent for this house.
Ding ding ding ding ding!!!!!!!!! That's exactly my point. So, best case scenario is that the work *was* done and it was done *well*, but because these flippers wanted to turn a quicker profit, *I'm* expected to pay more?? Not because it's a better product, but because it was flipped in 10 days. It's not my problem that he wanted it done and back on the market in 10 days nor do I see value in paying for that considering I'm not in a hurry and I'd rather save money than time. I don't mind paying, but it had to be worth it to me. This particular type of flip with these specs isn't a good value.
Oh my. You actually completely and entirely missed my point. It’s like you’re literally incapable of hearing things that don’t match your preconceived view on this. A flipper’s time IS money, it’s lost productivity on other worksites. And if it took them six months and they did it alone they’d likely charge the same.
If the home is beyond what you’re willing to pay move in and look in a lower price range. The end. It’s really straightforward. But the flipper has done absolutely nothing unethical, inappropriate, or improper in turning the house around quickly and for some measure of profit. And we don’t know how much or little of that he’d actually be pocketing compared to the outlay.
But another house you think is a better value. The end.
I did address that, but it's a long, convoluted thread and I don't think anyone but me has read it in its entirety, as several others have replied acting like I've never addressed something that I have addressed. Other homes in the area are only going for this Asking Price if they have 2 bathrooms. That's a huge deterrent for this house.
And you're taking into account stories/size/age/condition/location/ect so you're comparing apples to apples? What are the apples to apples homes selling for - ie the other 1 level 1 bathroom homes in similar condition? If there aren't any what is the typical adjustment for a 1 bathroom in your area? I know my numbers but your prices are so much higher it wouldn't be relevant.
Wrong! There's a 3rd option: I buy low too and renovate myself (not to flip but to live in.) See, that's another thing people think when it costs $1.80 to make a pizza but someone wants to sell it for $21.50. Not only is it annoying that someone is trying to skrew u silly, but it reminds you of what a great idea it is to make it yourself. This way you can add your own spices and herbs (translated to house buying analogy: custom make your house.) Since we're all in agreement here that flippers must make a profit, it'll be less costly to me and I'll get exactly what I want.
Okay, that’s an option. So buy an unrenovated home for a low price. The end. What’s the problem here? That they were quicker and found the investment property before you did?
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