I'm sure everyone has heard of people buying and selling websites - this is called website flipping.
The main thing that occurs here is someone buys a website, does some work to it i.e. adds value, and then sells it. Same as people do in real estate, they buy a run down house, do some renovations, then sell it to someone else who doesn't know how to renovate at a premium.
With quality web development costs being what they are, and good working websites hard to find, buying an existing website that has content and potentially some SEO done to it, makes sense.
If you wanted to learn more about "what is website flipping" There is a detailed page on this website.
Making some cash on a transaction makes sense, especially if you can do the work yourself. In most cases adding graphics to the site if you're a designer, or some good quality content if you are good with content will give you a good return on your time.
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