Real Estate Investors….WHY do you do this????
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 21-08-2010-05-2008
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Question by Kim Y: Real Estate Investors….WHY do you do this????
My hubby is 100% handicapped.
We FINALLY found a home that is 100% Handicapped-altered. (roll-in shower, wide doorways, widened sidewalk, bars for assistance in home, ceramic and wood flooring).
We make an appointment to see the house (been on market with no interest since June 13. They lowered the price by k, on July 24, and now 2 Investors have drawn up offers) and have been told that two offers have been submitted just this morning.
It is a plain-jane house, with winding roads to get to, built 1980, very modest neighborhood (homes under 1800 sq ft, prices avg selling 0 and under).
And what do these investors plan to do with the house?
They are going to “update” it, remove the handicapped adjustments, and turn around and sell it. Over and Over, my hubby and I just aren’t “fast” enough to the rush. WHY remove the handicapped changes? Over & over we poorfolk are forced to pay for handi changes.
Do you not consider that handi changes are good?
We did not find out about the house until Monday afternoon July 28. We made the appmt for Wednesday July 30 because my hubby had a doctors appt at 9 am and we’d go to an 11 am house appmt.
It takes my hubby 3-4 hours to get himself ready because of the energy it takes for him to get ready. He only has 1/2 use of body (paraplegic), and I help him when I can, while getting myself ready to go out.
Anotherwords…
We can’t just “jump” in the car and just run out like ‘regular folk’. It takes real planning to do ANY activities.
So, why aren’t you investors doing this:
WHY aren’t you converting homes to be UNIVERSALLY DESIGNED? Do you know what that term means? It means that the home is made to accomodate persons as they get older so that wheelchairs and other aids are able to be set in place in homes with minimal cost and changes.
It means that as the Baby Boomers age, they can STAY in their homes longer before being ‘forced’ into a nursing home.
If I were in the business of doing Home-Flips, I’d change them over for LONG TERM AGING changes, and not JUST for profit or to “look pertty” for potential buyers.
There has to be some HUMANITY tied into doing some of the home-flipping, don’t you agree???
We are “maxed out” at 120k. Maxed out. Homes under 5 are usually ragged and need extensive repairs.
This house was “ready” to go. Asking 112,900, so it was buyable.
It sounds so easy to non-handicapped folks….we’ve tried to buy 4 homes since October 2003 that we could change or was ready…and everything would crash: Here is what happened:
Home #1: original owners. they agreed to our verbal offer. I began to make offer, only to find out that a DEVELOPER walked in and paid CASH, hours before I was to offer.
Home#2, SAME HOUSE. Developer decided 4 months later to sell because he could not sell some of the property to build mansions on. That failed because he over-paid and would not cut a deal.
Home #3: Home was with some changes needed. We could not overbid another buyer.
Home #4: Seller laughed at us; estate sale. We could not come up with his required price.
Now, this home was 100% we could move in today. Haha on us.
Lots in town are going for (yes, believe it or not!) k on up. At that rate, we’d have to live in a dog house. We’d have to sit for years on the lot before able to build. =(
Best answer:
Answer by bato n company
why not find a home you like and can afford. with real estate status now, you’ll not have difficulty finding one.Bring a contractor friend with you and include in your bid the price to convert it to a”handicap -accessible” unit. GOOD LUCK !!
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Related posts:
greed is why they do it
but why don’t you self build for the price your quoting you will build a better home
I can totally understand why you’re frustrated.
Investors aren’t really thinking about you unfortunately. They’re thinking about a home that will appeal to the widest possible audience because that increases their chances of selling it. One of the key s to running a successful business is to keep your emotions out of it because emotions can cause cloud your judgment. And the goal here is to make maximum profit.
I do agree that there will be an increase in demand for homes to accommodate a range of abilities over time, it’s just that those homes won’t necessarily appeal to the mass market. This is a niche, and niches are often ignored.
Are you working with a buyer’s agent? If not, I think that would really be helpful to you. Their commission will be paid by the seller, and they will frequently search for homes meeting your criteria – which could mean that next time something becomes available you’ll know about it fast, not after it has sat on the market for months. Don’t force yourself to work alone when free help is out there.
I am sorry to hear about this! You would think with the aging and physically disabled population, someone would be smart and keep the adjustments!
I cannot speak for the investors, but hope you and your husband find a good home that is accessible for your husband.
I don´t know if this will help, but with the rate of foreclosures, could you find a home that is close to what you are looking for, and ask the seller to pay for adjustments? If I was trying to sell my home, I would do just about anything to please the buyer instead of foreclosing.