patrick.net

"You can't flip the property for more than a 20 percent profit in most cases"

Excuse me? The government can't do that. That is nothing more than a Socialist price control. If someone wants to sell their house for a 30% profit and there is a buyer willing to pay that much, that is the seller's right.

This can only end badly... It shows you how truly desperate the gov't is to get those bad assets off of their books and onto someone elses, anyone elses. Here, please take our houses! God knows we can't afford them.

The govternment's only choice was to give financing to flippers or to demolish foreclosures. Otherwise the houses would just sit there and deteriorate to the point where they are uninhabitable.

HousingWatcher says

The govternment’s only choice was to give financing to flippers or to demolish foreclosures. Otherwise the houses would just sit there and deteriorate to the point where they are uninhabitable.

Or...... they could put them on the market for a decent price and sell them to people. We claim to have a market-driven economy - how about we try it sometime? My wife and I have cash in hand - we're ready to buy for the right pice.

E-man says

Deals of the decade are out there. You just have to know how to look for it. If you work with the right person, he/she probably can help you find them.
Just a thought.

You make it sound so easy, so compelling. So mouth watering. Oh, its easy, even a cave man can do it. Deals everywhere. You just have to know how to look for the deals. You just need to find the right person to look for you. Riiiiiiight.

They will do anything to reflate the bubble, why is anyone surprised at this?

The trick is NOT to buy a house that has the tell-tale sign that it is being flipped... It's so easy to see on REDFIN if the house is being flipped... I see inside buyers buying houses for $375K.. and then re-listing them a month later for $500K... then slowly tapering down the price until they sell..

I ignore all properties purchased post 2007.... I would only buy a property someone bought pre-2003... Atleast there's a chance they have some equity and can settle on a fair price. Negotiating with bank or underwater owner is impossible... they can't go any lower. Someone with equity can go as low as break-even.

Flippers are the worst though.. They are vultures that grab properties. then mark up the prices and try to resell them to fools...

More people should refuse to buy from FLIPPERS and the market would stall out and drop to realistic price levels rather quickly...

I say RENTERS of the world unite.. REFUSE to buy any home for 2 years.. Just rent... Prices can't go anywhere but down if that's the case..

I'm not so sure one can tell from Redfin just which properties are being "flipped" ... I sign in and tract properties sold and see ridiculously low sales prices only to be followed in two months by a $200K increase but isn't that just the property being reverted back to the bank and the bank subsequently putting it up for sale ?

rmm221 says

try to resell them to fools…

A different pool of fools caused the bubble on upturn thinking that prices will still go up "buy now.." and a different pool of fools are buying now on the downturn thinking that prices will go up "buy now..".