Don't House Flippers Deserve A Profit?
From my experience, when you buy a property from the bank that has been abandoned for over a year I think flipping it is a service to the community. The object to flipping a house is to improve both the inside and the outside, so you raise the value of the house as well as the value of the neighborhood. Everyone profits, it's a win - win for the area!
I was out with a home buyer. This was not their first time, we had sold their home a year ago and they have been traveling, visiting family, and RVing across the country....needless-to-say these are my kind of people :). But while I relate to them personally and greatly enjoy their perspectives on life, I was surprised to find a prejudice against "flipper" homes.
Because of my respect for this couple, I asked them if I could blog about this issue on Active Rain and make the conversation public. So beware....this is public.
The couple expressed that they felt that there was something wrong with an investor making money off someone else's tragedy and they didn't want to contribute....fair enough.
But then as I pondered this, I wondered what's wrong with someone taking advantage of a financial situation to create wealth?
It must be made clear that these are not people who bought short sales and are flipping them without any improvements, we were looking at home which were purchased at auction (I can tell because of the way our MLS shows the title) and then spruced up and re-listed. Normally these homes have fresh paint and carpet, the yards have been tidied up or replanted and often....the kitchens and bathrooms have had granite or tile installed. They are lovely homes!
So if an investor purchases the home, takes the financial risk, creates value and reaps a profit....all while providing an easy escrow and quality home....why is this wrong? I don't think it is!
Karen
Karen Fiddler
Broker/Associate
www.great-western-realty.comServing all of Orange County, California Real Estate!
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