Home › Forums › Closed Forums › Properties or Areas › Crazy price swings/flips on this property in the last year
- This topic has 4 replies, 3 voices, and was last updated 8 years, 11 months ago by CA renter.
June 23, 2014 at 2:04 PM #21148June 23, 2014 at 2:07 PM #775629spdrunParticipant
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.June 24, 2014 at 12:43 AM #775638CA renterParticipant
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.June 25, 2014 at 12:51 PM #775691SD SquatterParticipant
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.June 26, 2014 at 3:47 AM #775711CA renterParticipant
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.
- The forum ‘Properties or Areas’ is closed to new topics and replies.