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  • February 16, 2009 at 4:53 PM #347959
    UCGal
    Participant

    [quote=garysears]This is a flipper I am watching:

    MLS #: 090006689
    724 CLAMATH, Spring Valley, CA 91977

    Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

    It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

    I think Spring Valley buyers should be looking $170K and under for 3 br places.[/quote]

    I would be very suspicious of a house that says:
    This is not a short sale or REO. Property sold as is.

    Why make a point of “as is” unless there are known problems. Or maybe I’m just more paranoid than most.

    February 16, 2009 at 6:58 PM #347440
    garysears
    Participant

    The Clamath property had a cracked slab. I bet the flipper must have only done cosmetic repairs and the foundation will continue to be a problem. It does seem strange to me that they went so over the top with the stainless steel, recessed lights, etc.. Why would they also furnish it with washer and dryer? It seems like an unnecessary addition that adds cost they might not recoup.

    February 16, 2009 at 6:58 PM #347761
    garysears
    Participant

    The Clamath property had a cracked slab. I bet the flipper must have only done cosmetic repairs and the foundation will continue to be a problem. It does seem strange to me that they went so over the top with the stainless steel, recessed lights, etc.. Why would they also furnish it with washer and dryer? It seems like an unnecessary addition that adds cost they might not recoup.

    February 16, 2009 at 6:58 PM #347878
    garysears
    Participant

    The Clamath property had a cracked slab. I bet the flipper must have only done cosmetic repairs and the foundation will continue to be a problem. It does seem strange to me that they went so over the top with the stainless steel, recessed lights, etc.. Why would they also furnish it with washer and dryer? It seems like an unnecessary addition that adds cost they might not recoup.

    February 16, 2009 at 6:58 PM #347909
    garysears
    Participant

    The Clamath property had a cracked slab. I bet the flipper must have only done cosmetic repairs and the foundation will continue to be a problem. It does seem strange to me that they went so over the top with the stainless steel, recessed lights, etc.. Why would they also furnish it with washer and dryer? It seems like an unnecessary addition that adds cost they might not recoup.

    February 16, 2009 at 6:58 PM #348010
    garysears
    Participant

    The Clamath property had a cracked slab. I bet the flipper must have only done cosmetic repairs and the foundation will continue to be a problem. It does seem strange to me that they went so over the top with the stainless steel, recessed lights, etc.. Why would they also furnish it with washer and dryer? It seems like an unnecessary addition that adds cost they might not recoup.

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