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bearishgurl.
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June 30, 2010 at 9:28 AM #574811June 30, 2010 at 9:35 AM #573793
SD Realtor
ParticipantJP not true at all. The appraisals and BPOs use the sales off the MLS. Flippers dont buy from flippers. They are buyers not flippers.
Also a buyer is a buyer is a buyer. Ask any appraiser where he gets his comps. He gets them from the MLS, he doesn’t go to trustee sales. Now you track properties, you can go to the tax rolls to see how many of them had trustee sales to 3rd parties to form comps. See for yourself and add the stats.
Again, there seems to be a FUNDAMENTAL premise that the home would sell for much less if it was put out on the market by the bank. Why is that? Do you really think that that many of the buyers out there are flippers? So far there are 2 or 3 properties mentioned… I just don’t get it.
When you say “many” of those buyers are flippers can you quantify that? Pick an area and I will look at the past 20 sales and we can see who was a flipper. Please pick an area that you or CAR want to buy in so we can see how all these flippers are squeezing you guys out. Finally if the data was available to show how many people in those same areas were being aided by banks I think we would clearly see which had more of an effect.
June 30, 2010 at 9:35 AM #573890ParticipantJP not true at all. The appraisals and BPOs use the sales off the MLS. Flippers dont buy from flippers. They are buyers not flippers.
Also a buyer is a buyer is a buyer. Ask any appraiser where he gets his comps. He gets them from the MLS, he doesn’t go to trustee sales. Now you track properties, you can go to the tax rolls to see how many of them had trustee sales to 3rd parties to form comps. See for yourself and add the stats.
Again, there seems to be a FUNDAMENTAL premise that the home would sell for much less if it was put out on the market by the bank. Why is that? Do you really think that that many of the buyers out there are flippers? So far there are 2 or 3 properties mentioned… I just don’t get it.
When you say “many” of those buyers are flippers can you quantify that? Pick an area and I will look at the past 20 sales and we can see who was a flipper. Please pick an area that you or CAR want to buy in so we can see how all these flippers are squeezing you guys out. Finally if the data was available to show how many people in those same areas were being aided by banks I think we would clearly see which had more of an effect.
June 30, 2010 at 9:35 AM #574413ParticipantJP not true at all. The appraisals and BPOs use the sales off the MLS. Flippers dont buy from flippers. They are buyers not flippers.
Also a buyer is a buyer is a buyer. Ask any appraiser where he gets his comps. He gets them from the MLS, he doesn’t go to trustee sales. Now you track properties, you can go to the tax rolls to see how many of them had trustee sales to 3rd parties to form comps. See for yourself and add the stats.
Again, there seems to be a FUNDAMENTAL premise that the home would sell for much less if it was put out on the market by the bank. Why is that? Do you really think that that many of the buyers out there are flippers? So far there are 2 or 3 properties mentioned… I just don’t get it.
When you say “many” of those buyers are flippers can you quantify that? Pick an area and I will look at the past 20 sales and we can see who was a flipper. Please pick an area that you or CAR want to buy in so we can see how all these flippers are squeezing you guys out. Finally if the data was available to show how many people in those same areas were being aided by banks I think we would clearly see which had more of an effect.
June 30, 2010 at 9:35 AM #574519ParticipantJP not true at all. The appraisals and BPOs use the sales off the MLS. Flippers dont buy from flippers. They are buyers not flippers.
Also a buyer is a buyer is a buyer. Ask any appraiser where he gets his comps. He gets them from the MLS, he doesn’t go to trustee sales. Now you track properties, you can go to the tax rolls to see how many of them had trustee sales to 3rd parties to form comps. See for yourself and add the stats.
Again, there seems to be a FUNDAMENTAL premise that the home would sell for much less if it was put out on the market by the bank. Why is that? Do you really think that that many of the buyers out there are flippers? So far there are 2 or 3 properties mentioned… I just don’t get it.
When you say “many” of those buyers are flippers can you quantify that? Pick an area and I will look at the past 20 sales and we can see who was a flipper. Please pick an area that you or CAR want to buy in so we can see how all these flippers are squeezing you guys out. Finally if the data was available to show how many people in those same areas were being aided by banks I think we would clearly see which had more of an effect.
June 30, 2010 at 9:35 AM #574817ParticipantJP not true at all. The appraisals and BPOs use the sales off the MLS. Flippers dont buy from flippers. They are buyers not flippers.
Also a buyer is a buyer is a buyer. Ask any appraiser where he gets his comps. He gets them from the MLS, he doesn’t go to trustee sales. Now you track properties, you can go to the tax rolls to see how many of them had trustee sales to 3rd parties to form comps. See for yourself and add the stats.
Again, there seems to be a FUNDAMENTAL premise that the home would sell for much less if it was put out on the market by the bank. Why is that? Do you really think that that many of the buyers out there are flippers? So far there are 2 or 3 properties mentioned… I just don’t get it.
When you say “many” of those buyers are flippers can you quantify that? Pick an area and I will look at the past 20 sales and we can see who was a flipper. Please pick an area that you or CAR want to buy in so we can see how all these flippers are squeezing you guys out. Finally if the data was available to show how many people in those same areas were being aided by banks I think we would clearly see which had more of an effect.
June 30, 2010 at 9:46 AM #573798pemeliza
Participant“The markets are the flippers. The appraisals are using the comps that the flippers are selling.”
lol
Maybe if you are in the market for a “turnkey” house with a 5k home depot kitchen and a couple of 1k Ikea bathrooms. There are a decent number of “organic” sellers trying to sell great locations and great bones for fair market values. I think the real problem with the market is that for whatever reason 50-75% of the homes on the market are way overpriced with respect to recent comparable sales. With nary an exception, flipper or no flipper, houses priced to sell are the only houses moving these days.
June 30, 2010 at 9:46 AM #573895Participant“The markets are the flippers. The appraisals are using the comps that the flippers are selling.”
lol
Maybe if you are in the market for a “turnkey” house with a 5k home depot kitchen and a couple of 1k Ikea bathrooms. There are a decent number of “organic” sellers trying to sell great locations and great bones for fair market values. I think the real problem with the market is that for whatever reason 50-75% of the homes on the market are way overpriced with respect to recent comparable sales. With nary an exception, flipper or no flipper, houses priced to sell are the only houses moving these days.
June 30, 2010 at 9:46 AM #574418Participant“The markets are the flippers. The appraisals are using the comps that the flippers are selling.”
lol
Maybe if you are in the market for a “turnkey” house with a 5k home depot kitchen and a couple of 1k Ikea bathrooms. There are a decent number of “organic” sellers trying to sell great locations and great bones for fair market values. I think the real problem with the market is that for whatever reason 50-75% of the homes on the market are way overpriced with respect to recent comparable sales. With nary an exception, flipper or no flipper, houses priced to sell are the only houses moving these days.
June 30, 2010 at 9:46 AM #574524Participant“The markets are the flippers. The appraisals are using the comps that the flippers are selling.”
lol
Maybe if you are in the market for a “turnkey” house with a 5k home depot kitchen and a couple of 1k Ikea bathrooms. There are a decent number of “organic” sellers trying to sell great locations and great bones for fair market values. I think the real problem with the market is that for whatever reason 50-75% of the homes on the market are way overpriced with respect to recent comparable sales. With nary an exception, flipper or no flipper, houses priced to sell are the only houses moving these days.
June 30, 2010 at 9:46 AM #574822Participant“The markets are the flippers. The appraisals are using the comps that the flippers are selling.”
lol
Maybe if you are in the market for a “turnkey” house with a 5k home depot kitchen and a couple of 1k Ikea bathrooms. There are a decent number of “organic” sellers trying to sell great locations and great bones for fair market values. I think the real problem with the market is that for whatever reason 50-75% of the homes on the market are way overpriced with respect to recent comparable sales. With nary an exception, flipper or no flipper, houses priced to sell are the only houses moving these days.
June 30, 2010 at 9:51 AM #573803jpinpb
Participant[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.
June 30, 2010 at 9:51 AM #573900Participant[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.
June 30, 2010 at 9:51 AM #574423Participant[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.
June 30, 2010 at 9:51 AM #574529Participant[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.
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