So, people bought houses in and around my neighborhood, made some quickie superficial "fixes" and put 'em back on the market. Months later they're still for sale. I have to laugh... or should I feel sorry for them?
2007-03-19 16:39:41 · 10 answers · asked by Craig L 3 in Business & Finance ➔ Renting & Real Estate
where is Carlton sheets when ya need him, they will have to sell them in the end for fair market value, which by the way is going to be alot lower than fair market value of 2 years ago, the prices of houses are set partly by condition , but also by the houses that have sold in the general area, and if your area is like the area I live in , there are no houses moving unless they are sold on short sale deals, I don't feel sorry for anyone that motivation is greed, or making a fast buck at the expense of unknowable families just look for a home to call there own. shame on them
2007-03-19 16:54:31 · answer #1 · answered by gunter_thehunter 3 · 2⤊ 0⤋
I don't know that you should laugh or feel sorry for them. If you think about it, these people just made an investment, the same way you or I might invest in the stock market. Why would I spend any time laughing at someone who made a poor investment? It happens to the best of us. I also don't see why I would feel sorry for them. Investments are risky, and risk is a part of life.
Keep in mind that for many investments (buying a house for resale for example), someone pays for the money that you make when you profit, and someone benefits when you lose.
If a person who just wanted to live in your neighborhood had bought one of those houses from an investor, they paid a price higher than if investors had not inflated the prices in your area. So that person has to make a mortgage payment month after month that is higher just because there were investors in your area. Do we feel sorry for that buyer? No, because they made the choice to pay that premium. In the same way, when prices fall and investors lose money, why would we lament their loss?
If I were going to feel sorry for anyone here, it would be you. Only because investors often bail from their mortgage commitments when they can't make any money. This means that they probably won't upkeep the home. This means that you end up in a neighborhood that looks crummy. I sure hope that doesn't happen in your area - Peace
2007-03-19 17:19:10 · answer #2 · answered by Giantscap 1 · 0⤊ 0⤋
First of all if all of this house flipping was as simple as it truly seems , and made people rich they would not be advertising it or making a show about it would be too much creating competition, most people do this because they see it on TV , no one ever told them TV is not real ,even most reality shows are staged all in the name of money , people are so gullible these days no wonder there are so many people getting ripped off it is just so easy to do ,these get rich quick schemes have become a multi billion dollar a year buisness for the ones advertising how to do something for nothing they are the only ones who are getting rich quick off of all these stupid people .. the ones on this show have corporate sponsorship...the ones in your neighborhood have to spend their own real money the TV people use Corporate money People believe they are using their own money on TV ..why ?? because they tell you they do on the TV.... Too many people live in a fantasy world they believe the follow your dreams you can be a millionaire too ...truth is no you can't ..you have a better chance at dying before you wake up in the morning than you do of being a celeb. or the next Trump.......If I was that dumb , I would laugh at myself..
If you lived close I would bring the steaks , grill , and a cooler full of drinks , invite more over , and have a big old laughing our *sses off party .....laugh away ..I would
2007-03-19 16:57:45 · answer #3 · answered by Insensitively Honest 5 · 1⤊ 0⤋
Dont laugh. They are ruining YOUR property value. I live in a new community with 70 homes. 30 were bought by investors before they were even built - buying at the presale prices and hoping to sell once they were complete 18 months later at much higher prices - riding on the back on the huge California home price appreciation. Now that prices are leveled off, there are always 4 investment homes for sale on my street. As one house sells, another pops up for sale. If I want to sell my home, I need to compete with these investors for the few buyers who are interested. The investors have lots of homes they need to "dump" and may be willing to discount to move their money to a different community or town. I, on the other hand, cannot afford to lose on my home in a bidding war because I'll need the cash for a down payment on the next home.
The more flippers, the worse it hurts your property value, trust me!
2007-03-19 17:14:04 · answer #4 · answered by SUNYScott 2 · 0⤊ 0⤋
in truth, you're one hundred% suitable. It sounds like the present marketplace on your section, with residences promoting for 20k a lot less, do no longer warrant that fee of $134,900, nor will it appraise for the $134,900 he's asking. perchance this may were a realized "turn" very last 3 hundred and sixty 5 days or the three hundred and sixty 5 days formerly, yet hard to do now. In any journey, it really is a sturdy considered particular that in spite of settlement you enter into has a "appraisal contingency" while you doesn't obligated to proceed with the acquisition if the fee of the appraisal is equipped in below the acquisition fee. wish this facilitates
2016-11-26 23:56:58 · answer #5 · answered by ? 4 · 0⤊ 0⤋
LOL there Flip has Flopped.
This was done for one reason GREED and they did not understand what they were doing or what was happening to the housing market.
Record profits Is a RED flag for two thing that is never taught is school.
1. FRAUD 2.A big Crash if there is FRAUD.
If some one comes to you with a record profits you better know why.
And as far as crashing goes the one thing they all had was RECORD profits, like Enron, Worldcom,And the list goes on.
This web site tell how they defrauded the public and they eat it up like greedy pigs.
http://www.breakingbubble.com/
2007-03-20 02:51:31 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Well you shouldnt be a jerk and laugh. It could have been your buying star trek stock and loosing at it. Besides that, they are at least trying something. Better, be sympathetic, you may pick up a heck of a deal.
Never cut off your nose to spite your face. It's just plain maturity.
2007-03-19 16:43:24 · answer #7 · answered by batwanda 4 · 1⤊ 1⤋
You can laugh or feel sorry for them, however, I for one NEVER laugh at others misfortunes. The old adage of what goes around comes around applies.
2007-03-19 18:25:58 · answer #8 · answered by Anonymous · 0⤊ 1⤋
well if they have done it 5 or 6 times or more..... be jealous. they have already made more than you will make in 10 years of your regular booring job.
2007-03-19 16:51:23 · answer #9 · answered by Patrick G 4 · 0⤊ 1⤋
I WOULDN'T LAUGH WHAT IF THAT WAS YOU ?
2007-03-19 16:44:24 · answer #10 · answered by kitty 6 · 0⤊ 1⤋