It an old 1940 home everything in it is original but clean so it needs to be at least painted in and out and new flooring. Homes in the area the same size are going from 78K to 95K.
Let me ask you a question if YOU were selling a property that was worth $100K, and you received two offers, one from an owner occupant for $150K and one from an investor for $109K, who would you sell it to? Would you feel bad for the investor who you didn sell it to? Would you tell the owner occupants that they were crazy to spend so much for your house and discourage the purchase?
I just hope they don start doing this often or it going to really ruin it for investors. The 55K extra over market on this house is two more down payments on the type of homes I buy.
By definition, if everyone is paying over market value then what they are paying IS market value; it just that market value has increased and has not yey been reflected in historical price statistics.
Originally posted by Jeffrey C.:Now can you see why I am shocked by what they paid for a worn out 1940 house?
and the other was occupied one year. In this area I can get a newer 3,000 square foot home for 160K or less. Nike Air Max Thea Black White Womens
1. Very typical that a homepath home sells above list price here in SW Florida.
What I am really hearing here is that investors are upset because sellers are marketing houses to a broader spectrum of buyers and hence obtaining the highest price possible.
I have no problem waiting two weeks occasionally to bid on a home if it at market value. The realtor told me the couple was not even interested in the extra garage and just wanted a home to live in.
home is getting over run and it taking up room for my cars and my 10 x 20 shed is so full I can get in it without pulling items out first.
Now can you see why I am shocked by what they paid for a worn out 1940 house?
4. Someone else felt the property was worth it. Maybe they liked the extra garage and could not find a better comparable home for less.
2. Tax records here are also all below current market price
No. You sell it for $150K, be thrilled that you did, and then brag to all your friends about your real estate skills.
Right now there are two new homes the same size for under 100K in a gated golf course community near my home. I am bidding on those right now, one has never been lived in Nike Air Max Tavas 48 5
The main reason I wanted this home and was willing to pay more than i thougt it was worth was it had an extra garage on the property. I need to store my construction supplies my own Nike Air Max Tavas All Grey
It my understanding that the reason investors must wait is to give people wanting a home for their family to Womens Nike Air Max 2015 Reviews live in first opportunity to purchase. I have no problem with that myself, and like to see families able to afford and purchase homes where possible, over investors buying them for rentals. Of course, once they come to market for investors, I love the opportunity of being able to bid on them too!otherwise transform into something of much greater value
Last year I was able to purchase 3 highrise condos at prices 35 40% what they are know because of a very specific circumstance the condos did not qualify for financing and I am an all cash buyer. Now that the condo associations have tightened up procedures and qualify, prices reflect market value.
5. You may be right that Fannie is taking advantage of a buyer by offering them the best financing deal and allowing them to way over pay. If that is the case this is the first I have heard of it. Fannie Mae, Freddie Mac, HUD) have a certain period where owner occupants have priority in the bidding process, which is why you had to wait until day 16 to bid on the property. Like someone said earlier, the purchaser could have incorporated repairs into the purchase price. Also, like many people have already indicated, a property tax value is not at all an indicator of market value.
3. Market prices in SW Florida are way up the last couple months
If you going to whine every time you get outbid by someone you feel is overpaying, you probably want to get out of real estate investing it not for you.
I saw that I could still make more in rent than the mortgage taxes and insurance and was willing to pay a little more for the storage. I passed a home up just like this when I was getting started last year because it was too old and newer homes could be had at the same price.
Home path makes the market unfair for investors because even if we get to bid on the place it will never appraise for that. The banks will only lend what the house appraised for so that leaves us to either come up with the rest in cash or walk away to the next deal.
Banks using home path to sell homes over maket value
Nope. You were willing to pay more than "market value" because the house provided something you wanted/needed. Yet, you can seem to grasp that others might be willing to do the same thing. Even if their sole reason for overpaying was that they idiots, that no reason for you to be bitching about how FNMA sells their houses.
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