[quote=sdrealtor]I havent looked at the houses and they may well be overpriced. I wouldnt focus on what the flippers are making because sometimes people get a good deal by doing things others cant or wont do. Worse yet it will make you crazy and is just plain un productive. The more important thing to focus on is the asking price relative to current fair market value. Wait for the right house and the right price (i.e. a good or at least fair deal in the current market whenever you chose to jump in). Be patient and you will be rewarded.[/quote]
The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.
