Housing Bubble 2: Return of the Ugly

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Florida Homeowners Call It Quits: Selling Hurricane-Damaged Homes to “Quick Buy” & “As Is” Vultures (lakelandgazette.info)

submitted 4 days ago by SeattleRain to c/housing_bubble_2

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[–] [email protected] 11 points 4 days ago (1 children)

I'm curious as to why you buy these homes? Is it to buy land that can be sold at a profit later? Is it to rebuild the houses and sell for profit?

Short term might work, but it seem like incredibly high risk long term. What am I missing?

[–] [email protected] 21 points 3 days ago* (last edited 3 days ago)

Since this is investment companies, they probably do the numbers and come up with a price that is so low they are sure they can flip it for more than that. The current owners maybe can't afford repairs and are financially/emotionally desperate and in a bad negotiating position.

Probably these companies are making terrible offers to as many people as they can. I don't live in Florida, but I've gotten letters that I assume are from companies like this trying to start a discussion about selling, I guess they are fishing with a very broad net for people willing to accept very low prices.