[Sunny-Days-in-Florida]

Originally Posted by Edison Winter

No I really doubt they will.

The people involved in house "flipping" are all about money and greed and power and only care about themselves. These are the people who want to live in the best houses, drive the best cars, wear the best clothes and yet they want to do minimal amount of work to achieve all that. Alot of "flippers" dont even have a college education, probably some dont even have a high school diploma.

There very shady, arrogant people and I doubt few if any will feel any guilt for there hand in the economic mess this country is in.

WHY WOULD THEY NEED TO FEEL GUILTY, THEY DID NOTHING WRONG OTHER THEN TO SELL YOU A HOUSE? DO YOU SEE THE CAR DEALER FEELING GUILTY FOR SELLING YOU A FIXED UP CAR? NO....

I wonder where all these house flippers are now? Im sure VERY few made enough to never have to work again.

WHAT IS WRONG WITH THAT? ITS CALLED FREEDOM AND CAPITALISM.

House flipping is bunch of crap and is another reason I hate Florida and California , because its filled with people who attend these Power hungry how to make money in real estate seminars and abuse and tarnish the concept of the american dream..which is buying a home.

There buying homes but only to re sell for a larger amount to get rich quick and not have to do a lot of work in the process.

WISH I COULD HAVE BEEN SMART ENOUGH TO DO THIS.

Where I grew up , which was in a average class neighborhood in New Jersey , when someone moved it was a rarity. It was actually the topic at dinner, because it was a big deal someone was selling there home. It was a situation of knowing who your neighbors are and trusting them, and actually liking living next to people you know and that want to actually live in the neighborhood. Not like the big shocker when I came to Florida in August 2003 and quickly realised that south east Florida had NO neighborly bonds, no trust, no sense of belonging, instead it was all about greed and money. For sale signs meant nothing anymore, it was just another person selling out and another "flipper" trying to get rich quick.

To be honest I am thrilled that the bubble burst. I am. Now people are forced to go back to basics, and relalize thats its not easy to become a home owner.
Its not a right, its a priviledge that you earn and work for. No more predatory loans to people with drug dealer income and no credit or horrible credit and little income.

TELL BILL CLINTON AND BARACK OBAMA THIS, ONE STARTED THIS MESS GETTING THOSE WHO DO NOT DESERVE A HOME A HOME AND OBAMA IS NOW FINDING WAYS TO SCREW THE BANKERS AND US BY GIVING THEM MORE TAX BREAKS. You are right, it should be a privilege and Clinton and Obama seem to forgot that idea.

No more of people selling there homes for much more then they are truley worth.

So if someone offered you 3 times the amount you thought your house was worth you would not sell it??? I know better!


Time to get back to basics people.

And by the way, house flippers are not the reason for the problems. The PEOPLE who bought homes they could not afford and maxed out their homes and credit cards are at fault!!!

Look at the numbers, a huge percent of the forclosures are people who got themselves in a hole with credit cards and maxed house refiances.

No one held a gun to their head to make the POOR CHOICES they did.

Added:
I have yet to see a single person who is ready to lose their house take on a second job, third job or anything to keep their house. I am sure there are some out there who are, but not to darn many of them.

Again, you should not be allowed to foreclose on any house if you are able to work and have no stand out issues.
Same as the posters above, they want to limit everyone else but the REAL PROBLEM, the home owners who made bad choices in their life.

[dmccauley]

Here is the flip side to your question. If you sold your home and made a profit during the boom (good for you, well done) but did you inturn go and buy another home during the same boom and overpay (based on todays market)?

[seeriously]

Sold a house up north that we owned and lived in for 2 1/2 years and made a profit of $194,000 in 2005. Contracted to build down here in 2003 and got pre-boom prices. Don't really care what it's worth now because we love living in it and we aren't going anywhere too soon.

[Sunny-Days-in-Florida]

Originally Posted by verobeach

Sold a house up north that we owned and lived in for 2 1/2 years and made a profit of $194,000 in 2005. Contracted to build down here in 2003 and got pre-boom prices. Don't really care what it's worth now because we love living in it and we aren't going anywhere too soon.

+1 Rep for you!

[LewLew]

We bought a home in 2003, sold it for 100K profit in 2004 (1 year profit). Bought a home in 2005, sold it for a wash in 2006. Bought the 2006 home, and sold for a 40K profit in 2007, and bought our current home well under market.
Oh, and never once used an agent except for the home we washed on.
We weren't flippers, just had to move for job location.
Oddly, we are going to be selling now, to go back north, and I think we'll be fine. We aren't looking to make a ton of money. Washing this time would be fine too. Never overpaid for any of our homes, but I was the HR Director for a builder, and knew most everything was inflated. We always bought from an owner, and negotiated with them directly. I would have never bought a new home from 2004-2007 from a builder.

[ngrome]

Thing is, if you sold at the height of the market, wouldn't you have to buy during the height of the market? Unless you moved to some place which didn't have over-inflated prices, but that wasn't in FL either. The money you made may have been put in the bank, or a good down payment for another home, but if you stayed in FL, you probably ended up financing another expensive home or upgrading. Where did people end up buying homes in FL that they could pay off in cash after selling the house they bought in the 90's?

[D-R-B]

I was always taught that it is rude to ask or discuss how much money one makes or has made.............

"hey man, nice house......... how much did you pay for it?"

"when you sold your house-how much money did you make on it?"

"how much money do you have in the bank?"

This thread is not much different..........

[LewLew]

Originally Posted by D-R-B

I was always taught that it is rude to ask or discuss how much money one makes or has made.............

"hey man, nice house......... how much did you pay for it?"

"when you sold your house-how much money did you make on it?"

"how much money do you have in the bank?"

This thread is not much different..........

I agree with you when you ask someone you know, or someone you are having a face to face conversation with. This OP was inquiring on general information and most all of us don't know each other. It's like pulling statistics.

We did buy in FL after we made our huge profit from the inflated market, but b/c we knew that the home values were blown sky high, we continued to buy cheaper homes than the one we sold to not end up upside down.

[ngrome]

Originally Posted by Sunny-Days90

And by the way, house flippers are not the reason for the problems. The PEOPLE who bought homes they could not afford and maxed out their homes and credit cards are at fault!!!

Look at the numbers, a huge percent of the forclosures are people who got themselves in a hole with credit cards and maxed house refiances.

No one held a gun to their head to make the POOR CHOICES they did.

Added:
I have yet to see a single person who is ready to lose their house take on a second job, third job or anything to keep their house. I am sure there are some out there who are, but not to darn many of them.

Again, you should not be allowed to foreclose on any house if you are able to work and have no stand out issues.
Same as the posters above, they want to limit everyone else but the REAL PROBLEM, the home owners who made bad choices in their life.

Ok, I will have to agree with you on this one Sunny, despite our differing views about FL. However, yes, no one put a gun to their head about getting a house that they could not afford, but you have to look at the ethics of real estate agents and lenders who wanted to make a quick buck too.

I have friends who are both agents and lenders. One of my friends will NOT qualify anyone if there's even a remote chance there's instability in their jobs, such as two factory workers or they have not been in the job too long like less than 6 months. He just tells them the great risk they are putting themselves in. One of my other lender friends will do anything to qualify them, but not have them put too much money or their life savings as a down payment because he realizes they will need some emergency funds in case one or two of them lose their jobs. The agents should be only showing them homes that they could realistically afford, not these "dream homes" that they would have to pay more than 25% (sometimes up to 45%) of their income on a monthly basis. Yes, some of these people made poor choices, but some of these people had poor guidance or were misdirected as well.

Everyone has the American dream to own the best house that they can, but people in the real estate and banking business should also shoulder a moral responsibility to realistically tell their clients this is the house you could afford with your income, not run the rampant overqualification and purchasing of over priced homes which led to the state we're in today. Now, the rules are being changed to be stricter to the point of the proper way business in the lending industry should have been conducted in the first place.

But consider these people who bought these overpriced dream homes want to work too, but for some reason their industry did not support them to keep their jobs, so their dreams were crushed. It's some of their fault, but not all of their fault, and it's not all their fault that they lost their jobs. These people are down and out and I don't think there's not any more reason to slam them down any further. Us on the other hand who can sit back, still have our internet access, and post messages about people's plight are very blessed.

[ngrome]

Originally Posted by LewLew

I agree with you when you ask someone you know, or someone you are having a face to face conversation with. This OP was inquiring on general information and most all of us don't know each other. It's like pulling statistics.

We did buy in FL after we made our huge profit from the inflated market, but b/c we knew that the home values were blown sky high, we continued to buy cheaper homes than the one we sold to not end up upside down.

Good moves on your part. We just made enough money to be able to afford another home up north.