CAR, in a way, I think “cash” investors are a good thing in this market. Many potential buyers looking for a principal residence have neither the money nor expertise to fix up some of these beaters to be “habitable” again. Especially if the potential buyers have kids and thus most or all their discretionary income is pledged to kid(s) needs.
With so many homeowners losing their properties in recent years, it stands to reason that not only could they NOT make their payments, they couldn’t maintain or repair their properties either. Many, many properties that lenders have or will market in the future need(ed) substantial work.
In driving around my daily haunts, I’m always gratified to see a long beaten-up property close escrow and get the chain-link treatment around it and porta-potties out the next day/week. This can only be good for an area’s property-value stabilization.
I don’t want to see any more buyer-families take title to marginal or run-down properties by the skin of their teeth that they will never be able to afford to repair. I’d rather see the “deep pockets” obtain them and fix them up quickly, even if intending to “flip.”
It’s a free country out there and may the highest/best and/or easiest-to-close bid win :=]
