[quote=SD Realtor]JP not true at all. The appraisals and BPOs use the sales off the MLS. Flippers dont buy from flippers. They are buyers not flippers. [/quote]
In the case of Villa Terrace, it was a bank owned listing and a flipper bought it and now flipping. Even the one on Texas was not bought on the steps. These were places on the market that were bought, IMO, as a high priced fixer and now being flipped even higher. Well higher than what I think is reasonable. The flippers are setting the prices when they sell higher.
The last on Felton was a courthouse steps property, I believe. If he/she/they actually sell for over 200k profit, I don’t consider that a slim profit margin and it is manipulating the appraisal comps for future properties.
As far as the guys on the courthouse steps buying that are intending to flip, I’d have to agree that you’re helping to circulate inventory, but it is changing the comps upwards.
Now the banks can comfortably release inventory gradually b/c the flippers are helping to increase the price.
I do think there are plenty of buyers flipping. I think there is quite a bit of competition on the courthouse steps and even for the ones that are fixer REOs on the market. I can dig up others besides the 2 or 3. These were just recent ones, but there are plenty others before this thread was started.
