I am starting to see some flips on the market where the property is bought and sold at a substantial profit in a matter of 6 to 8 weeks.
And we're not talking major renovation either.
The reason why I think something is fishy is because some of these properties, most of which are in the $400k and below range, did not go into multiple offers.
Why is that?
After researching what the purchase price was on some of these properties, I have found that at that price, there should have been MAJOR multiples.
But, yet, just one offer.
Something's not right here. And I have a sneaking suspicion it has something to do with bank asset managers having some type of covert relationships with the buyers. A majority of these buyers are Limited Liability Corporations (LLC's).
Bought at an auction you might say? I think not. There are enough people at auctions to at least have enough of a demand on these properties, PLUS, most of the auction organizations have hidden reserves.
Once again, this seems to point in the direction of some kind of covert, illegal relationships with bank asset managers.
I think we need some serious investigation here......................
