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Flipper gets rich. A psych evaluation may be in order........


By iwog   Follow   Fri, 11 Jan 2013, 9:09am PST   778 views   10 comments
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......but not for the flipper. Believe it or not this home is now pending. Millionaires are the ones who take risks, and ignore the advice of housing bears!

Cha ching! =)

http://patrick.net/?p=1219623

http://www.zillow.com/homedetails/2116-Dena-Dr-Concord-CA-94519/18342989_zpid/

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New Renter   Fri, 11 Jan 2013, 9:26am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

August 2012 - sold $373k
Dec 2012 - sold $173k

Sounds like the August buyer would have done well to listen to Da Bears...

ForcedTQ   Fri, 11 Jan 2013, 9:40am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

Valued by Zillow at $590,000!!! In a neighborhood of $250,000 to $300,000 homes. Purchased for $173,000 a month ago??? Buyer in august win the lotto and decide to move out of Concord??? Buyer in December won the House Lotto!!!

APOCALYPSEFUCKisShostikovitch   Fri, 11 Jan 2013, 10:09am PST   Share   Quote   Permalink   Like (3)   Dislike     Comment 3

The new owner needs to know that a dozen people on PatNet recommended this important home accessory:

"It needs a trapeze in the living room so harem members can hang from the ceiling and their sister wives take turns eating them out."

Nobody   Fri, 11 Jan 2013, 10:09am PST   Share   Quote   Permalink   Like   Dislike     Comment 4

Let's see if there is any idiot investor from China willing to take this one.

iwog   Fri, 11 Jan 2013, 10:30am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 5

I did a little more research on this property. The August sale was actually the REO sale conducted by the bank. I have no idea what the December sale was but it doesn't look like a regular arms-length transfer. My guess is that it was an insider transfer and the price given isn't accurate because of the short year transfer fees.

This has remained in REO status since the bank bought it in 2006. They finally got rid of it in August 2012. Here's an actual example of shadow inventory caused by the bank refusing to come down to market prices from 2006 to 2012. A very rare bird in Concord.

iwog   Fri, 11 Jan 2013, 10:31am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 6

Nobody says

Let's see if there is any idiot investor from China willing to take this one.

It's already pending. I saw the MLS sheet today.

New Renter   Fri, 11 Jan 2013, 11:43am PST   Share   Quote   Permalink   Like   Dislike     Comment 7

robertoaribas says

august sale was probably back to bank, so the value didn't count...

bank sold it for 173k? I'm sure there was plenty wrong, but STILL, these are the "brilliant banks that are manipulating the market?"

Or scamming it. Bank agent sells low to a flipper buddy and Bank applies for a bailout. Flipper buddy sells soon after and floats a kickback to agent.

thomaswong.1986   Fri, 11 Jan 2013, 12:23pm PST   Share   Quote   Permalink   Like   Dislike     Comment 8

New Renter says

August 2012 - sold $373k

Dec 2012 - sold $173k

Sounds like the August buyer would have done well to listen to Da Bears...

wonder if they disclose the work done line by line if any..and the market up...
had this been a used car, the buyer would have expect to see
every receipts for every repair modification line by line to justify the price.

JodyChunder   Fri, 11 Jan 2013, 5:56pm PST   Share   Quote   Permalink   Like   Dislike     Comment 9

iwog says

A very rare bird in Concord.

A rare and butt-ugly bird.

RentingForHalfTheCost   Fri, 11 Jan 2013, 9:17pm PST   Share   Quote   Permalink   Like   Dislike     Comment 10

JodyChunder says

iwog says

A very rare bird in Concord.

A rare and butt-ugly bird.

Is there a property in concord that isn't butt-ugly? Maybe the ones close to the 680 are nice. ;)

iwog is moderator of this thread.

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