The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Tuesday, June 28, 2005

Offer #8 Rejected..

I missed the barrio house. The seller got his full asking price of 79k. What was interesting about this one was he got HOMEVESTORS to buy this property. These guys spend over 30k in marketing a month. It really surprised me that these guys jumped at the chance to buy this one.

They must be really hungry right now!

Oh well, this house was the most trashed house I've ever seen. I'm almost glad I didn't get it. 80% of the dry wall would need to be replaced.. Just awful...
|| Bginvestor, 12:33 PM


I was looking at a house a while back in my area that was trashy all around. There was no sign in the front yard, but I dound it on the MLS. About 3-4 days later, I drove by again and noticed a HOMEVESTORS "For Sale" sign in the yard. They wanted $74k for it "as-is" (it needed a lot of work done just on the outside), and it's ARV was only $80k. I never followed up on it to see what they sold it for (IF they've sold it).
Blogger Steve, at 5:14 AM  

Isn't this just part of the mania right now? I mean, I see the same thing happening where I am almost every day. Investors of all sizes are counting on the fact that they can sell the house as is and make 5k or so.

I think when things slow down a bit, you will see a lot less of this.
Blogger Scott, at 10:45 AM  
And my area isn't even hot right now!

I checked the local HomeVestor's web site and noticed the property I mentioned was sold for $94,500 AFTER it had repairs done. So, this tells me they couldn't sell it "as-is", but got a better-than-FMV price after they sold it. I'm guessing they didn't make much on this one after all was said and done.
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