Could the flippers be back?

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Could the flippers be back?

Postby david_mcmanus » Sun Feb 07, 2010 6:56 am

Sold last month for 209,905. Now on the market for 324,500.

http://www.redfin.com/WA/Kenmore/15413- ... ome/281799
david_mcmanus
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Re: Could the flippers be back?

Postby ira s » Sun Feb 07, 2010 9:13 am

Flipping never entirely disappeared, but that property is not the classic flip. it's a lender owned foreclosure, and the 209,905 price was the auction price. The difference between this one and the typical lender owned foreclosure is that the lender in this case is a hard money lender, not a bank. This particular hard money, among other things, specializes in loaning money to buy foreclosures, or to people who might not qualify for a bank loan,at much higher than average interest rates. They also typically also require much higher than average down payments.
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