[Are you nuts] Still flipping a house in Charleston
From the I can't believe it file, I just noticed someone trying to flip a house in today's Charleston real estate market. One quick question, are you nuts.
I know flipping was practically a sport a few years ago and there really are two kinds of flips. You can buy a home, make improvements and sell it for more than the cost of the house plus the improvements. That seems OK and if this story had anything to do with a flip like that, well, I wouldn't be writing about it.
But what caught my attention was noticing a new listing that I knew I had recently seen so I looked at the history and sure enough, the house had just sold and was re-listed the next day by the new owner for $40,000 more than they just paid. No improvements were made, in fact the listing description didn't even change, it indicated the fixer upper status of the house and that no repairs would be done by the seller, it would be sold in as is condition.
So my question is, why is this home suddenly worth $40,000 more, surely taking possession and title doesn't really add any real value to the property.
Are you nuts.