There are many homes for sale here in St. Petersburg and Tampa Bay being sold as a shell or for lot value post-hurricanes. Some homeowners simply didn’t have it in them to repair the home, or knock it down and rebuild. I’m one of them!
Sadly, I knew this was going to be an issue as soon as Hurricane Helene and Milton were over here in Florida. And I suspect that wholesalers similarly take advantage of desperate homeowners in other areas too after any natural disaster. They also love to prey on the elderly. Here’s a little explanation of how wholesalers work. A lot of them take a $500 Get Rich Quick Wholesaling class and write offers in hopes they’ll pocket the spread if they can successfully find an end buyer (which they usually don’t). Instead they cancel the contract and waste the homeowner (and Realtor)’s time and money. The sad part is I don’t think all of them think they are doing anything wrong, “it’s just business”, but to me it’s taking a person’s equity who’s already been through hell and back for essentially doing nothing. What do you think of wholesaling? Tell me in the comments!
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