A flipper bought a house in my neighborhood. And I’m so glad they did

Reblogger
Services for Real Estate Pros with Atlanta Communities 349601

This very thing happened on my street as well.  A foreclosure went for nearly HALF of what the non-distressed properties have been selling for.  The house was a mess - a disgusting mess.  Only a flipper could see the potential value.  They invested nearly $50,000 - painting, replacing carpet, resodding the lawn, and updating the kitchen.  Less than 90 days later they resold the home for market value and netted a cool $70,000. 

Original content by Richard Weisser

A flipper bought a house in my neighborhood. And I’m so glad they did!Recently a foreclosed home in my neighborhood was purchased by a “flipper.” And I couldn’t be more pleased.

Whether we like it or not, foreclosures affect all of our property values. When a house goes to the courthouse steps to be auctioned, typically the owner of the mortgage will obtain title to the property.

And when they do, they will usually sell the property in “as-is” condition, which normally translates to lower sales prices.

But a flipper understands that bringing the property back to good market condition will result in a higher sales price, which generates a higher profit margin for the investor.

And the surrounding homeowners enjoy the benefit of a higher comparable sales price which does not have as much of an adverse effect on property values or contribute to the downward spiral of prices.

As I observe the busy work crews painting, cleaning, repairing and tending to the landscaping, I can’t help but be glad that this house will NOT negatively affect my equity!

So bring on the flippers! They do what the banks and mortgage companies won’t!

They restore property values!

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Comments (1)

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

This is good news for your area it is good the owner took a little time and money to make the home an investment for the new home owner.

Jul 23, 2012 03:36 AM