Can't disguise a flip nor sell 'potential' (sales, price, property)

[anononcty]

I know someone who is trying to sell a house as-is but their ask is too high because they are trying to sell potential. But it's a flip.



Their ask price indicates that house needs work right off because formal home sales getting more. Formal means recently renovated, will to go through inspection, address issues etc. They insist on that higher ask price. They're trying to disguise or pretty up a flip.



They want to tell potential buyers all they 'could' do with the house. But most don't buy potential especially if not a flip. But that's the problem the house is a flip. They're literally telling buyers well all you have to do is this or you could do that. But that's too much selling.They're trying to disguise or pretty up a flip. Not going to happen in the day and age of HGTV.



I say emphasize obvious known features like space, land, structurally sound etc. It's dry and the utilities work. It's just old with associated issues. Putting lipstick on a pig no matter how it's done rarely works.



It's a flip in a high demand area so use that to one's advantage.

[El Chingaso]

They’re not selling a “flip”, or you don’t actually understand that term.

They’re selling an overpriced fixer, but what does it matter to you?

[Diana Holbrook]

So they're selling a fixer and giving ideas on how it could be improved?

And you think the price is too high?

You're in some kind of debate with this person on how to best sell it? Is that the gist of it?

[BoBromhal]

A "flip" is actually just a matter of a short period of ownership, that the property was purchased with no intent to own it long-term.

If there's a house worth $200K as-is but $400K remodeled, and I somehow get that owner to part with it for $100K ....

I can sell it for $175K, make great money, and my Buyer still got a deal.

I can spend 100K on it, make it worth $400K, and really make great money. It takes me longer and introduces risk.

[anononcty]

Originally Posted by El Chingaso

They’re not selling a “flip”, or you don’t actually understand that term.
....

I'm using the term 'flip' loosely because that's the type of buyer it has attracted. And to sell it at a higher price they would have to treat it like a flip with a lot of renovations in a short period of time.

I use the term flip because that's the only traffic they've gotten so far and similar houses in the neighborhood sold as-is went to flippers who renovated them and sold them shortly after. One house they did a slow flip selling it in 4 years with a few major renovations every year they were there. They doubled the price over 100K with about 30K in renovations

Yes it is an over priced fixer. All the offers have been from flippers with in the same range. They're very open as to what they are and how they base their offer.

[dontaskwhy]

The forum title reminds me of the expression, "Lipstick on a pig..."

[anononcty]

Originally Posted by dontaskwhy

The forum title reminds me of the expression, "Lipstick on a pig..."

That's exactly what it is or they are trying to do.

[dontaskwhy]

Originally Posted by anononcty

That's exactly what it is or they are trying to do.

I guess I missed that you said the same thing in your original post, but I guess we were thinking the same thing.

[El Chingaso]

Originally Posted by anononcty

That's exactly what it is or they are trying to do.

No. That’s not what they’re trying to do. They’re trying to sell it to someone that will do that.

Again, what’s it matter to you?

[rrah]

Originally Posted by El Chingaso

No. That’s not what they’re trying to do. They’re trying to sell it to someone that will do that.

Again, what’s it matter to you?

Exactly--why does it matter to you?