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Inexperienced flipper?

By bubblesitter   Follow   Sat, 4 Sep 2010, 10:42am   1,217 views   3 comments
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http://www.redfin.com/CA/Cypress/5556-Orange-Ave-90630/home/3992934

Bought at $401,314 and sold at $304,000 six months later. Property looks good from outside. Can some one throw some light on what do you think happened here?

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1. Claire Follow Befriend 660 comments Mountain View, CA

   1   11:09am Sat 4 Sep 2010   Share   Quote   Permalink   Like   Dislike   It was sold at a foreclosure auction - you may find that it was the bank that bought it for that price (price of the outstanding loan) and then they sold it on. You could always try to find out who the buyers/sellers are.

2. Cvoc13 Follow Befriend (9) 6 threads 194 comments Dublin, CA Cvoc13's website

   2   9:30pm Sun 5 Sep 2010   Share   Quote   Permalink   Like (1)   Dislike   Agreed, That happened to a friends of mine, Bank pay off was 420K and they sold (REO) to no one on the court house steps, and it was offered at the sale for 250,000 and they REO'd it. Then 73 days later sold it to end (true arms length transaction) user (end user that is) for 215,000 so it looks like it was sold for 250,000 then 73 days it looks like it was sold for 215,000 when in reality it was only REO'd for 250 and then sold for 35K less @215,000

3. JohnAlexander Follow Befriend 6 threads 34 comments

   3   8:37pm Sat 18 Sep 2010   Share   Quote   Permalink   Like   Dislike (1)   Thats all correct.......right on the money!