House flipping

[beangel40]

yes you are right it is good housing is becoming a thing of the past but you have that groupe of people that seem to ruine things for dencent people . and that tends to make renting and buying harder for people just tryiung to get ahead but its out there you might have to look really hard but its out there

[stephpoet]

More and more programs dedicated to good and hard-working people with challenges exist. That in itself is refreshing.

[danny2271]

Originally Posted by donna

The trouble I've found with some foreclosures is the damage the previous occupants did before they left. Seems sometimes they try to take out their anger on the bank or finance company by vandalizing the property. I saw one place where they had taken everything they could possibly remove. The water heater, the whirlpool tub and lighting and door fixtures all seem to be missing. They even took a cabinet off the wall, destroying the other cabinets it was attached to.

Whats wrong with that? I would LOVE to find a house with that kind of cosmetic damage. It'll help drive down our price

[bartongrl1]

It might drive down the buying price for potential buyers, but then the price of fixing it back up would be higher.

[beangel40]

I have to wonder if once a property is destroyed can it be resold and would any lender or bank or mortgage co even consider lending the money to buy it to fix up again and would it be considered to high a libility

[bartongrl1]

Thats a good question, beangel. And something to be taken into consideration.

[Yager37]

I guess it depends on whether you live in a sellers or buyers market. Plus, you have to figure out what percentage of people are renting versus buying homes.

[thohome]

I do know that If you are trying to get a first time home owners loan they are very picky about what you are buying. Its not just your first investment but the banks first investment with you.. They won't just lend you money to throw away..

[flippinout]

The lenders interest in what a first time homeowner is buying is great. This way our young people will be sure to get their moneys worth and will listen to the lender even if they wont listen to the advice parents give them.

[thohome]

I hear you on that one.. My daughter would not listen to me when I told her the house she wanted to buy was a lemon.. but when the bank refused her loan because the house needed to much work she was already out a few hundred dollars. But definatly smarter for it.