Do the Home Sellers Know That?
Somehow, I very much doubt the boast on the sign (above), located in front of the St. Louis Park Costco earlier today (I blocked off the last 4 numbers because I don’t want to provide any free advertising).
For starters, I don’t know any Sellers parting with their homes for 50¢ on the $1.
On the contrary, anything affordable, in good shape in a good neighborhood these days seems to be the subject of multiple offers.
No Free Lunch (Still)
What about houses that aren’t (in good shape, or a good neighborhood)?
Like foreclosures.
Yes, those are sold at discounts by banks, but there’s still no “free lunch”: the Buyers typically need to do extensive renovation and repairs — often starting with replacing the ripped-out copper plumbing, and dealing with mold, damaged sheet rock, etc.
Strike #3: I don’t know of any reputable investment professionals whose m.o. is to advertise their wares via lawn signs.
On the plus side: stuff like this — call them “the dandelions of the housing market” — always seems to pop up when the market’s strong (and disappear just as quickly).
