Skip to comments.California billionaire bets on rentals with Wake home-buying spree
Posted on 03/22/2013 1:07:57 PM PDT by nascarnation
Daniel Creswells house in northeast Raleigh sat on the market for nine months until late last month, when a deep-pocketed buyer arrived seemingly from another era.
Creswell had bought the property back in April at a foreclosure auction for $162,500. After fielding low offers for months, the mystery buyer offered $210,000, or $10,000 below his asking price.
Creswell eventually agreed to a price of $213,000, or $1,000 more than the home originally sold for in 2002. In addition to paying cash, the buyer paid the closing costs and the cost of the home inspection.
(Excerpt) Read more at newsobserver.com ...
Although they are not a BBB member....they have an awful rating:
Info on the company:
And Ripoff Report has this:
This reminds me of my townhouse 12 years ago right before the price spike. I sold it to an investor who paid cash for several (10+) other townhouses in the community for my asking price of $149,900.00. 1 year later the same townhouses were on the market for $289,900.00. These guys know what they are doing. My current $400k house should be worth about $800K after all this QE inflation kicks in... trouble is that a gallon of milk will cost $15-$20.
trouble is that a gallon of milk will cost $15-$20.”
Milk won’t be available because the dairy farmers will no longer be able to afford to keep their cows.
Re house prices. A couple I know put their house on the market. Yes, it is older but sturdily built and an awesome house. Wiring, A/C and all appliances are 10 years old but all well maintained and in excellent condition. They received great offer but then had their visit from the local EPA. All their big beautiful windows have to be replaced as well as portions of the plumbing and many of the appliances because they don’t meet the most recent codes. Until that is done and all reinspected, the buyers cannot get a loan. They are older, have limited financial resources and just trying to downsize. For now they have been forced to take the house off of the market.