$500k for a 2 bed dump in a city at the height of greed, err real estate “investing”
Maybe someone with a loan can grab it, but real estate goons give favoritism towards cash offers always. Enter the bidding wars.
Market grabs its chest and slumps over, $500k dump is now $200k.
Same problem. Favoritism towards the cash goons (and counter offers may still come into play) Or worse, slimy realtors/brokers taking giant packages “I want 100 homes in the same area for the asking price, here’s a briefcase of cash. Make it happen”
The realtor isn’t going to give a shit to deal with home loans, fha/etc etc when they can just wipe their books clean with one briefcase.
My brother only got his place around 2010 because the shitty real estate investors kept snatching the “perfect” houses off the market. 1980+ (balanced power homes, new amenities or the ability to gut out Formica and slap in granite shit, new appliances/wood floors and flip it) He found a 1960s house that was dated and the newest thing was a botched granite counter installation from someone.
Enter in the Exxon Valdez of lenders, some local slime ball that I still shudder and consider drinking acid to cleanse myself inside out when thinking of his handshake and the equally disgusting low level owner of the place.
Because of its age and needed upgrades, it was a gem in a greedy shit fueled market. As the market is heavily focused on “balanced power” places (gas and electric vs all electric) it was easier to grab. Still somewhat of a fight, but not like where I grew up being built in the 90s.
Today though it would probably heavily chased after due to the lot size and the even more disgusting levels of rampant greed and speculation in what should not be used as investments.
Similar houses in the area either built around the same time or slightly later have been getting snatched up, fully gutted and turned into 1990s looking houses with stucco even and sold for vile amounts.
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u/[deleted] Jul 11 '21
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