Could the flippers be back?

Anything and everything relating to Seattle-area real estate.

Moderators: synthetik, The Tim, Lake Hills Renter

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. ... ome/281799
Bubble Bloviator
Posts: 256
Joined: Wed Jan 09, 2008 7:44 am

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.
ira s
Bubble Bloviator
Posts: 330
Joined: Mon Jan 28, 2008 10:05 am
Location: Seattle, WA

Return to Seattle Real Estate

Who is online

Users browsing this forum: No registered users and 8 guests