is the new Smart Move to BUY a home for strategic default?

[jpinpb]

[quote=CA renter]
I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
[/quote]

Here you go. I just came across this and thought of your post:
3929 Texas

Sold 05/18/2010 for $385,000

Flip price 590k.

WTF!!!!

Where are my crazy pills?

[CA renter]

[quote=jpinpb]

Here you go. I just came across this and thought of your post:
3929 Texas

Sold 05/18/2010 for $385,000

Flip price 590k.

WTF!!!!

Where are my crazy pills?[/quote]

Crazy pills all around!

Note that the list price is 10% ABOVE it’s 2006 price!

This is exactly what I’m talking about, and it’s not uncommon at all to see these flips.

The scary part is, somebody will probably buy it — usually someone from out of town, from what I’ve seen.

[CA renter]

[quote=jpinpb]

Here you go. I just came across this and thought of your post:
3929 Texas

Sold 05/18/2010 for $385,000

Flip price 590k.

WTF!!!!

Where are my crazy pills?[/quote]

Crazy pills all around!

Note that the list price is 10% ABOVE it’s 2006 price!

This is exactly what I’m talking about, and it’s not uncommon at all to see these flips.

The scary part is, somebody will probably buy it — usually someone from out of town, from what I’ve seen.

[CA renter]

[quote=jpinpb]

Here you go. I just came across this and thought of your post:
3929 Texas

Sold 05/18/2010 for $385,000

Flip price 590k.

WTF!!!!

Where are my crazy pills?[/quote]

Crazy pills all around!

Note that the list price is 10% ABOVE it’s 2006 price!

This is exactly what I’m talking about, and it’s not uncommon at all to see these flips.

The scary part is, somebody will probably buy it — usually someone from out of town, from what I’ve seen.

[CA renter]

[quote=jpinpb]

Here you go. I just came across this and thought of your post:
3929 Texas

Sold 05/18/2010 for $385,000

Flip price 590k.

WTF!!!!

Where are my crazy pills?[/quote]

Crazy pills all around!

Note that the list price is 10% ABOVE it’s 2006 price!

This is exactly what I’m talking about, and it’s not uncommon at all to see these flips.

The scary part is, somebody will probably buy it — usually someone from out of town, from what I’ve seen.

[CA renter]

[quote=jpinpb]

Here you go. I just came across this and thought of your post:
3929 Texas

Sold 05/18/2010 for $385,000

Flip price 590k.

WTF!!!!

Where are my crazy pills?[/quote]

Crazy pills all around!

Note that the list price is 10% ABOVE it’s 2006 price!

This is exactly what I’m talking about, and it’s not uncommon at all to see these flips.

The scary part is, somebody will probably buy it — usually someone from out of town, from what I’ve seen.

[Scarlett]

Based on the closings nearby, I am thinking that before it was in a really poor shape; somebody bought it, did a wam-bam job on it quickly, and nicely I might add – and it’s up to specs now.

Or maybe when it was bought before it was an REO, or a friend/relative selling it for a low price.

the location is not great; right next to a gas station. The price is a bit high though I think.

[Scarlett]

Based on the closings nearby, I am thinking that before it was in a really poor shape; somebody bought it, did a wam-bam job on it quickly, and nicely I might add – and it’s up to specs now.

Or maybe when it was bought before it was an REO, or a friend/relative selling it for a low price.

the location is not great; right next to a gas station. The price is a bit high though I think.

[Scarlett]

Based on the closings nearby, I am thinking that before it was in a really poor shape; somebody bought it, did a wam-bam job on it quickly, and nicely I might add – and it’s up to specs now.

Or maybe when it was bought before it was an REO, or a friend/relative selling it for a low price.

the location is not great; right next to a gas station. The price is a bit high though I think.

[Scarlett]

Based on the closings nearby, I am thinking that before it was in a really poor shape; somebody bought it, did a wam-bam job on it quickly, and nicely I might add – and it’s up to specs now.

Or maybe when it was bought before it was an REO, or a friend/relative selling it for a low price.

the location is not great; right next to a gas station. The price is a bit high though I think.

[Scarlett]

Based on the closings nearby, I am thinking that before it was in a really poor shape; somebody bought it, did a wam-bam job on it quickly, and nicely I might add – and it’s up to specs now.

Or maybe when it was bought before it was an REO, or a friend/relative selling it for a low price.

the location is not great; right next to a gas station. The price is a bit high though I think.

[jpinpb]

The really scary thing is, as you said eariler, how the heck is this going to appraise? I mean, it’s higher than the average/median for the area. And as Scarlett says, the location isn’t even that great. I mean, all I can do is shake my head.

[jpinpb]

The really scary thing is, as you said eariler, how the heck is this going to appraise? I mean, it’s higher than the average/median for the area. And as Scarlett says, the location isn’t even that great. I mean, all I can do is shake my head.

[jpinpb]

The really scary thing is, as you said eariler, how the heck is this going to appraise? I mean, it’s higher than the average/median for the area. And as Scarlett says, the location isn’t even that great. I mean, all I can do is shake my head.

[jpinpb]

The really scary thing is, as you said eariler, how the heck is this going to appraise? I mean, it’s higher than the average/median for the area. And as Scarlett says, the location isn’t even that great. I mean, all I can do is shake my head.

[Author]

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