I know it is hard to do on an internet blog but let’s try to look at the facts.
First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?
Second – Did you see this home Breeze? It had a cracked slab and was a wreck inside. Actually the guy did a decent job fixing it up. Not great but good enough obviously to fetch 545k.
Third – Yep he almost did make 200k but not quite. He bought it from the lender for 361.5k on a 200k loan. He then rehabbed the property including the foundation work. They paid the buyers agent 5% commission, (hopefully this buyer had a rebate from his agent) and if you include the listing commission and closing costs the flipper walked away with a net of something well less then 200k.
Fourth – Fine be pissed if you want but your stay pissed for a long time. Time can be spent in a more constructive way then trying to figure out why buyers act the way they do.
I gave up being pissed off a long time ago and want to buy just as bad as anyone else. If I wanted I could sit here and post flip after flip all day long but I guess I don’t see how it is that constructive. I guess it does beat some of the OT posts though.
