OCRenter post:
“I’m guessing $70,000 for the renovation. that would only be a $30,000 profit at the current price. if the agent’s commission is 4%, that’s about $8000 in profit. less uncle sam and the governator’s taxation, we’re looking at $5000. ”
Sad to see… however I cannot find sympathy. The house sat on the market for 160 days at 484k – 529k and then cancelled. Yes the buyers got it at 465k in a private sale. I would maintain they could have gotten less. I would also question how much analysis they did on solds of 3/2 1156 square foot homes in that mapcode.
the flipper range priced it for $565,000 to $598,000. yet when it came to describing the single offer they had, she said the $565,000 offer was a “low ball”. looks like sellers are still aiming for the top figure on the range despite the falling market or their own dire situation.
I’m seeing a growing number of homes falling out of escrow and going back on market. Hope the buyer is solid, if the sale fell through and they had to put it on the market again, I think they’d be looking at an even bigger loss. If it was me, I don’t think I’d sleep too well, until the day it closes.
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