Surprised? I am. Could it be?
Yes. It is so. I have seen 2 cases of this in the last couple days. Investor-Buyers have come in, purchased a property on a short sale deal or some other situation, and they are turning the properties to sell for a profit in a fairly short time frame.
It was inevitable, I suppose...
In both cases the properties are unique enough that it may actually work, and each new seller could make anywhere from $100K-$500K more than what they paid for the properties. Or they may not be able to find buyers. Who knows? Both properties were purchased for just over $1M and are going to be listed north of $1.6M.
Now I am not suggesting that we all go out and buy low and flip....I am simply sharing the observation that some folks are doing that again. Which we have not seen up here in quite some time.
It takes patience to get some of these short sale and REO deals done, but patience (and cash liquidity) could pay off. I will be interested to see the outcome and will share with you what happens.