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

By iwog   2013 Jan 11, 9:09am   1,194 views   10 comments   watch (0)   quote      

......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/

#housing

Comments 1-10 of 10     Last »

1   New Renter     2013 Jan 11, 9:26am  ↑ like   ↓ dislike   quote    

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

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

2   ForcedTQ   11/11 = 100% civil   2013 Jan 11, 9:40am  ↑ like   ↓ dislike   quote    

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!!!

3   APOCALYPSEFUCKisShostikovitch     2013 Jan 11, 10:09am  ↑ like (3)   ↓ dislike   quote    

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."

4   Nobody     2013 Jan 11, 10:09am  ↑ like   ↓ dislike   quote    

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

5   iwog   1516/1517 = 99% civil   2013 Jan 11, 10:30am  ↑ like   ↓ dislike (1)   quote    

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.

6   iwog   1516/1517 = 99% civil   2013 Jan 11, 10:31am  ↑ like   ↓ dislike (1)   quote    

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.

7   New Renter     2013 Jan 11, 11:43am  ↑ like   ↓ dislike   quote    

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.

8   thomaswong.1986     2013 Jan 11, 12:23pm  ↑ like   ↓ dislike   quote    

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.

9   JodyChunder     2013 Jan 11, 5:56pm  ↑ like   ↓ dislike   quote    

iwog says

A very rare bird in Concord.

A rare and butt-ugly bird.

10   RentingForHalfTheCost     2013 Jan 11, 9:17pm  ↑ like   ↓ dislike   quote    

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. ;)

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