Crazy price swings/flips on this property in the last year

[SD Squatter]

Just wanted your opinion on crazy price swings/flips going on this property which was re-sold twice within the last year and a half and is back on the market again:

SANDICOR #140033675

There does not appear that there was any work done whatsoever on the house since it was first listed for sale in Jan 2013:

SANDICOR #130003612

It sold quickly then close to the asking price. Ok…

This Jan it was listed on MLS again for over -100k off and sold within days. Now, 3 months later, it’s back on the market for over +100k! No visible work on the house since the original sale in Jan 2013.

What could be going on here???

[spdrun]

Someone getting cash under the table. Or a hard money lender foreclosing, perhaps? Or maybe money laundering — whoever resold it may not have cared about a $100k loss.

[CA renter]

The people who listed for $475K (got $506K, IIRC) used the same pictures from the prior listing, when they bought it for $587K (IIRC). In the current listing pics, some dolt put hardwood over the very nice tile, but only in certain places, so it looks particularly bad, IMO. The front yard also looks worse than in the other two listings. Interestingly, this current seller is using Jeff Karchin, a flat-fee broker who only charges ~$500 to list on the MLS, so the seller is not an agent, him/herself, which is odd for a flipper.

Not sure what’s going on, but find it interesting that the last seller decided to take a ~$80K hit without even trying to break even…in a very hot market.

Of course, we’ve all seen some strange listings/transactions over the years.

[SD Squatter]

I have learned that there was a possible “crack in the slab” problem discovered after the first sale. The owner decided to sell at a loss, probably to a flipper/contractor who fixed the problem (hence the hardwood replacing tiles in some areas of the house where the crack was) and put it back on the market. I would speculate that the owner may have sued the original seller for the loss.

[CA renter]

That makes sense. I hope the buyer who lost the money manages to get some of his money back if the prior owner knew about the slab.

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