Is this a flip attempt??

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Yes, they bought it at the foreclosure auction $479,774. According to Janet it would sell for $700k, but Ipo is more realistic at around $625k. Queue the next price drop please...
 
graphrix said:
Yes, they bought it at the foreclosure auction $479,774. According to Janet it would sell for $700k, but Ipo is more realistic at around $625k. Queue the next price drop please...
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They should just bite the bullet and list it at $600k and pick up a sucker from the bidding war they'd create. This isn't a bad buy at $480k but looks like these guys want to cut and run. They should have at least staged this place if they want to make $150k+.
 
usctrojanman29 said:
graphrix said:
Yes, they bought it at the foreclosure auction $479,774. According to Janet it would sell for $700k, but Ipo is more realistic at around $625k. Queue the next price drop please...
Click to expand...
They should just bite the bullet and list it at $600k and pick up a sucker from the bidding war they'd create. This isn't a bad buy at $480k but looks like these guys want to cut and run. They should have at least staged this place if they want to make $150k+.
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What was the minimum bid at auction I wonder?
 
The minimum bid was a penny above the price from the foreclosure auction. They were the only bidder. Most investors, that are smart, won't touch VOC even if the minimum is really low.
 
graphrix said:
The minimum bid was a penny above the price from the foreclosure auction. They were the only bidder. Most investors, that are smart, won't touch VOC even if the minimum is really low.
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Really Graphrix? Even priced at $180 sq ft, the investor made a bad purchase?

I'm sure he'd be able to flip it for a decent profit. Or at worse, slam the comps and get out for $525-550k.
 
graphrix said:
The minimum bid was a penny above the price from the foreclosure auction. They were the only bidder. Most investors, that are smart, won't touch VOC even if the minimum is really low.
Click to expand...

Graphix, help me understand this. Who sets the minimum bid? The bank?
 
A 1200sf 2/2.5 condo on Silk Tree in VOC just sold for $416K. Paying $480K at auction for a 2700sf in the same area is not an unwise investment...
 
optimusprime said:
graphrix said:
The minimum bid was a penny above the price from the foreclosure auction. They were the only bidder. Most investors, that are smart, won't touch VOC even if the minimum is really low.
Click to expand...

Really Graphrix? Even priced at $180 sq ft, the investor made a bad purchase?

I'm sure he'd be able to flip it for a decent profit. Or at worse, slam the comps and get out for $525-550k.
Click to expand...

Sorry, I didn't mean for it to come across as *this* deal was not wise. Most properties in VOC get passed over even when the auction price is 20%-30% below what is owed. I saw one, that seemed like the comps would be in the mid to high 500s, the bank took it back for $499k, and sold it for $489k after being on the market for 120+ days. I have also seen two "investors" break even or lose money after fees on properties in VOC. It is a rough market there, and you have to choose wisely. This guy should have started with a low price and have a bidding war, but the Kool-Aid greed is still flowing. I just hope that an IHBer doesn't pick this one up, their neighbor is a little... uh... unstable.
 
Anteater Alum said:
graphrix said:
The minimum bid was a penny above the price from the foreclosure auction. They were the only bidder. Most investors, that are smart, won't touch VOC even if the minimum is really low.
Click to expand...

Graphix, help me understand this. Who sets the minimum bid? The bank?
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Yes, the bank, or hedgefund that owns the mortgage sets the minimum bid.
 
optimusprime said:
http://www.redfin.com/CA/Irvine/50-Nebraska-92606/home/4678592

Hmmm another flip attempt?

Date Event Price Appreciation Source

Jan 28, 2009 Listed $639,900 -- SoCalMLS #S561581

Sep 17, 2008 Sold $548,666 1.8%/yr Public Records

Jan 31, 2003 Sold $496,000 14.7%/yr Public Records

Mar 31, 1999 Sold $293,000 -- Public Records
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Doesn't look like it. "Purchaser" on 9/17/08 was WaMu. Don't see any subsequent transactions, and WaMu still shows as owner of record as far as the taxman is concerned. I guess it's possible that another transaction occurred that hasn't hit public records yet. If not, over four months for the bank to get it listed....
 
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