Flipper alert !!!

[SD Realtor]

I know it is hard to do on an internet blog but let’s try to look at the facts.

First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?

Second – Did you see this home Breeze? It had a cracked slab and was a wreck inside. Actually the guy did a decent job fixing it up. Not great but good enough obviously to fetch 545k.

Third – Yep he almost did make 200k but not quite. He bought it from the lender for 361.5k on a 200k loan. He then rehabbed the property including the foundation work. They paid the buyers agent 5% commission, (hopefully this buyer had a rebate from his agent) and if you include the listing commission and closing costs the flipper walked away with a net of something well less then 200k.

Fourth – Fine be pissed if you want but your stay pissed for a long time. Time can be spent in a more constructive way then trying to figure out why buyers act the way they do.

I gave up being pissed off a long time ago and want to buy just as bad as anyone else. If I wanted I could sit here and post flip after flip all day long but I guess I don’t see how it is that constructive. I guess it does beat some of the OT posts though.

[TheBreeze]

[quote=SD Realtor]
First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?
[/quote]

How did you find out about the financing? Is that information available online somewhere?

So this guy put down 23% of his own dough? If that’s the case, I’m pretty much OK with this sale. With 128K of his own money in the deal, this guy is very unlikely to default.

Are zero-down loans still available? If buyers are having to put down 20%+ nowadays, then that is very good news. I hope that’s the case.

[TheBreeze]

[quote=SD Realtor]
First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?
[/quote]

How did you find out about the financing? Is that information available online somewhere?

So this guy put down 23% of his own dough? If that’s the case, I’m pretty much OK with this sale. With 128K of his own money in the deal, this guy is very unlikely to default.

Are zero-down loans still available? If buyers are having to put down 20%+ nowadays, then that is very good news. I hope that’s the case.

[TheBreeze]

[quote=SD Realtor]
First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?
[/quote]

How did you find out about the financing? Is that information available online somewhere?

So this guy put down 23% of his own dough? If that’s the case, I’m pretty much OK with this sale. With 128K of his own money in the deal, this guy is very unlikely to default.

Are zero-down loans still available? If buyers are having to put down 20%+ nowadays, then that is very good news. I hope that’s the case.

[TheBreeze]

[quote=SD Realtor]
First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?
[/quote]

How did you find out about the financing? Is that information available online somewhere?

So this guy put down 23% of his own dough? If that’s the case, I’m pretty much OK with this sale. With 128K of his own money in the deal, this guy is very unlikely to default.

Are zero-down loans still available? If buyers are having to put down 20%+ nowadays, then that is very good news. I hope that’s the case.

[TheBreeze]

[quote=SD Realtor]
First off – The home was financed with 417k at a sales price of 545k. That means the buyer came in with 128k of his own money. Is that a pittance to you?
[/quote]

How did you find out about the financing? Is that information available online somewhere?

So this guy put down 23% of his own dough? If that’s the case, I’m pretty much OK with this sale. With 128K of his own money in the deal, this guy is very unlikely to default.

Are zero-down loans still available? If buyers are having to put down 20%+ nowadays, then that is very good news. I hope that’s the case.

[jpinpb]

I’d love to know finance info. I don’t know where or if that is available anywhere online.

[jpinpb]

I’d love to know finance info. I don’t know where or if that is available anywhere online.

[jpinpb]

I’d love to know finance info. I don’t know where or if that is available anywhere online.

[jpinpb]

I’d love to know finance info. I don’t know where or if that is available anywhere online.

[jpinpb]

I’d love to know finance info. I don’t know where or if that is available anywhere online.

[SD Realtor]

Guys

The information is right on the tax rolls that we get to view from Realist. Realist is a utility that is bundled in with the MLS for realtors. The Realist report is compiled from information that is basically the tax roll for a home. The realist report generally contains the past 4 recordings for a home regarding financing as well as title activity. It would be alot nicer if they went back more then 4 recordings because when people refinance multiple times, you quickly lose visibility of what happened in the past.

Additionally the flipper had received his 200k from a private party lender.

********

As far as lending goes, someone like HLS can give you how his mortgages have gone with respect to downpayment amounts. Most people these days are indeed putting out higher dps. Recall a few months back I put out a post that looked at like all of the purchases in CV in the month of April and a substantial amount of them dps were in the 20% range. HOWEVER yes our uncle sam is still trolling out FHA loans at 3% down and such. So no, not all buyers are putting down 20%, more then what we used to see, but not all.

I am no more happy about our welfare state, socialized government approach to financing homes as well.

I do believe if anyone deserves that sort of special treatments it would be our veterans and active military service personnel. Other then that, nobody should.

[SD Realtor]

Guys

The information is right on the tax rolls that we get to view from Realist. Realist is a utility that is bundled in with the MLS for realtors. The Realist report is compiled from information that is basically the tax roll for a home. The realist report generally contains the past 4 recordings for a home regarding financing as well as title activity. It would be alot nicer if they went back more then 4 recordings because when people refinance multiple times, you quickly lose visibility of what happened in the past.

Additionally the flipper had received his 200k from a private party lender.

********

As far as lending goes, someone like HLS can give you how his mortgages have gone with respect to downpayment amounts. Most people these days are indeed putting out higher dps. Recall a few months back I put out a post that looked at like all of the purchases in CV in the month of April and a substantial amount of them dps were in the 20% range. HOWEVER yes our uncle sam is still trolling out FHA loans at 3% down and such. So no, not all buyers are putting down 20%, more then what we used to see, but not all.

I am no more happy about our welfare state, socialized government approach to financing homes as well.

I do believe if anyone deserves that sort of special treatments it would be our veterans and active military service personnel. Other then that, nobody should.

[SD Realtor]

Guys

The information is right on the tax rolls that we get to view from Realist. Realist is a utility that is bundled in with the MLS for realtors. The Realist report is compiled from information that is basically the tax roll for a home. The realist report generally contains the past 4 recordings for a home regarding financing as well as title activity. It would be alot nicer if they went back more then 4 recordings because when people refinance multiple times, you quickly lose visibility of what happened in the past.

Additionally the flipper had received his 200k from a private party lender.

********

As far as lending goes, someone like HLS can give you how his mortgages have gone with respect to downpayment amounts. Most people these days are indeed putting out higher dps. Recall a few months back I put out a post that looked at like all of the purchases in CV in the month of April and a substantial amount of them dps were in the 20% range. HOWEVER yes our uncle sam is still trolling out FHA loans at 3% down and such. So no, not all buyers are putting down 20%, more then what we used to see, but not all.

I am no more happy about our welfare state, socialized government approach to financing homes as well.

I do believe if anyone deserves that sort of special treatments it would be our veterans and active military service personnel. Other then that, nobody should.

[SD Realtor]

Guys

The information is right on the tax rolls that we get to view from Realist. Realist is a utility that is bundled in with the MLS for realtors. The Realist report is compiled from information that is basically the tax roll for a home. The realist report generally contains the past 4 recordings for a home regarding financing as well as title activity. It would be alot nicer if they went back more then 4 recordings because when people refinance multiple times, you quickly lose visibility of what happened in the past.

Additionally the flipper had received his 200k from a private party lender.

********

As far as lending goes, someone like HLS can give you how his mortgages have gone with respect to downpayment amounts. Most people these days are indeed putting out higher dps. Recall a few months back I put out a post that looked at like all of the purchases in CV in the month of April and a substantial amount of them dps were in the 20% range. HOWEVER yes our uncle sam is still trolling out FHA loans at 3% down and such. So no, not all buyers are putting down 20%, more then what we used to see, but not all.

I am no more happy about our welfare state, socialized government approach to financing homes as well.

I do believe if anyone deserves that sort of special treatments it would be our veterans and active military service personnel. Other then that, nobody should.

[Author]

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