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Coworker Selling House in Da Hood


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(Even though this could go in Mortgages, it's more about the sale itself)

 

A co-worker here in Indy is about to tie the knot with his bride who lives in of all places - NYC. He owns a smallish home is what can only be best described as a "very rough" neighborhood. It's not quite the nightly homicide chaos of some neighborhoods but it does have its share of riff-raff (co-worker NOT included). This neighborhood is surrounded by gentrifying neighborhoods but the renewal hasn't hit that particular block yet.

There is some structural issues with the house which is why he got it on the cheap ($40K about 5 years ago), since then he did some structural work to it but to fix it fully requires more resources than he can afford, and likely won't make the money back when he sells. So he decides to go ahead and put it on the market and see what happen. Asking $79.9k

 

Day 1 - two cash offers, sight unseen, as is where is - $80K and $70K

Day 2 - RE agent lines up 3 additional showings - RE agent is telling prospective buyers there's cash offers already on the table.

 

Coworker told RE agent to give any prospective buyers until Friday (7/16) at noon with their best cash offers.

 

This is nuts. In years past, people who owned homes in neighborhoods like that were usually stuck with them as they would either become HUD homes or just abandoned. Now people are buying sight unseen for cash, no doubt a flipper.

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Older established neighborhood near the office has several of the older frame homes that are well-kept and sell north of half-million...they are STILL bought to bulldoze and put up some three-story McMansion on a lot that kids could not even play a solid game of whiffle ball upon...

 

Sucks for those long-time owners but, more important to me, it screws up my daily commute since I come in on one of those streets...

 

For your co-worker, the bright spot here is it saves him the few dollars for the gas to put in the molotov cocktail and the potential arson/insurance fraud charge that followed (since in some jurisdictions, it is not illegal to burn your own property down). 

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Too bad he can’t wait for the gentrification to show up when it will turn it into a micro brew pub or over priced boutique taco shop. 

Edited by CTSoxFan
clarity
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Even at $97.500, if the investor puts another $20,000 of value into it, someone could buy that with a subprime FHA mortgage with almost nothing down and walk away with a sub-$500 mortgage payment.

 

One of my pet peeves when I hear about the "lack of affordable housing" is that people aren't willing to move to where they can find it.

 

We all have constraints on where we can afford to live, so I'm not sure why that's only unfair to some. 

 

My ancestors didn't immigrate from Europe three generations ago and land in Iowa because it was America's crown jewel.  It was where they could make things work starting out with limited education, virtually no English skills, and no money.
 

 

 

Edited by cv91915
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6 hours ago, cv91915 said:

Even at $97.500, if the investor puts another $20,000 of value into it, someone could buy that with a subprime FHA mortgage with almost nothing down and walk away with a sub-$500 mortgage payment.

 

One of my pet peeves when I hear about the "lack of affordable housing" is that people aren't willing to move to where they can find it.

 

We all have constraints on where we can afford to live, so I'm not sure why that's only unfair to some. 

 

My ancestors didn't immigrate from Europe three generations ago and land in Iowa because it was America's crown jewel.  It was where they could make things work starting out with limited education, virtually no English skills, and no money.
 

 

 

 

Don't you go all confusing things and ruining the narrative by providing facts, logic and common sense...

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