Buying a home locally disrupted by large investors

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A man walked into my office last week with a problem that he is currently having within the housing market. He has lived in El Cajon for around 45 years and would like to stay, but he is hitting an obstacle that he never thought he would face. 

A man walked into my office last week with a problem that he is currently having within the housing market. He has lived in El Cajon for around 45 years and would like to stay, but he is hitting an obstacle that he never thought he would face. 

Three times now, within a week of closing escrow on a new home, the homes were swept away in a moment by large investors that came in and paid cash for pennies on the dollar less than his offer. The last house had historical significance and he said it needed work, but he liked the charm of the older home and was looking forward to refurbishing it. He also said, that the buyer was bulldozing this property, destroying part of El Cajon’s history.

He currently owns a home in El Cajon and said he has put good money into quality restorations to bring up the property value. He said unlike many investors and house flippers, he made sure that it was not an “IKEA makeover.”

Now, he feels that he is left with only two choices. One, to sell his house, and find a place to live until he can pay cash for a new home in El Cajon. And second, although he does not want to leave El Cajon, to move up to Oregon, where other family members have gone due to the lower cost of living and the fact you get much more house and land for your money. But this is not what he wants. He has children in El Cajon and wants to remain with them. Yet, he is at wits end as what to do.

Sadly, I do not have any answers for him other than a few facts that I have dug up.

There are many sources that state that the middle class Californian are leaving the state due to the large influx of a younger population and foreign investors taking over the housing market. Others are leaving because of cultural differences in our multi-cultural communities, and others are looking for a better quality of life that does not break their bank. Right or wrong, the older generation especially is fleeing our state.

The real estate market eludes me. As I said, I do not have the answers to help this long time El Cajon resident stay in El Cajon. But I am looking for answers and solutions to this problem. So this is where the community comes in.

If you have had this same trouble in securing a home, contact my office and talk to me. If you work, or know anyone that works in the real estate industry and can help explain, or better yet help this man find a home in El Cajon, do the same.

It is nothing short of tragic to have to go through this to secure a home. Especially when you have ample equity and good credit on your side. It seems that there would be provisions for people in escrow, but it is looking more like the almighty dollar rules this industry, just as it does most others. Money first, people second.

I welcome any input, expert advice or help with this. Perhaps someone out there is willing to put this ongoing problem into a perspective that can be understood, or better yet provide answers that will solve the problem. It would be a shame to lose a community member who loves the community he lives in due to such debauchery.

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