Does anyone know if this house is a flip?

Palladio Properties LLC is one of the bigger more active investor/flipper groups in OC.  Foreclosure radar indicates that they picked up the property for $596,000 on 3/16/10 (yes, flipper margins are getting thinner and thinner as Irvine prices go up).  The property had an opening bid of $416,833 so there was a lot of interest in this home at the foreclosure auction.
 
Just know that the ability to finance the home is greatly impared until 90 days have passed since the transaction was RECORDED. I'm running into an issue with a deal that fell into our laps from a lender who passed on it. The seller purchased the property in January, but the grant deed was not recorded for 3 weeks. The seller thought they could re-sell it right away for a fat pay day. Now they have to wait, as do the buyers, until early May before writing a contract.

FHA allows for flip properties to be purchased before the 90 day ownership window expires, but the new price cannot be more than 20% higher than the price the seller paid at auction. You won't find too many sellers willing to suppress their gain to that threshold.

My .02c

Soylent Green Is People.
 
Just curious because its in our same neighborhood where we are renting and I saw the previous owners/renters moving out.  Late at night, it appeared they were taking all of the appliances as well.
 
escrowbear said:
Just curious because its in our same neighborhood where we are renting and I saw the previous owners/renters moving out.  Late at night, it appeared they were taking all of the appliances as well.
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Hopefully they got cash for keys from the flippers.
 
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