Mother of all failed flips! -$330K in 10 months!
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Hi I'm Bob Flippa and welcome to "This Old House Flip". We will be investigating detailed examples of flippers attempting to quickly make a profit buying and selling the "American Dream" of owning a home in the San Diego County area. This blog serves to educate potential buyers of the unscrupulous activies of these flippers and will hopefully save you money in the longterm.
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- Happy Anniversary -- over $100K loss
- Flipper in Oceanside looking to pay off student loans
- Mother of all failed flips! -$330K in 10 months!
- Wanted: Jackass or similar to buy Chula Vista house
- $150K loss in 20 months for San Marcos flipper
- One too many flips for this San Marcos flipper
- Sleepless in San Marcos
- SD County foreclosures up 4% in 2 weeks!
- Ouch! Flipper reeling after failed flip
- Seller entertaining offers between $680,000 - $1,0...
- Oceanside flipper feeling heat this season
- Oceanside home below 2004 price!
- ► 10/22 - 10/29 (18)
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Disclaimer: Observations made by the publisher of This Old House Flip are made based on gathering articles and data from various real estate, governmental and news sources. We are not responsible for errors or omissions of data and news. All opinions made by the publishers of this web site are not to be taken as investment advise. We recommend everyone to use their own judgment and gather facts regarding their real estate or other financial affairs.
9 comments:
why would this flipper take that much loss? it was probably purchased with 0 down, so why take the loss instead of walking away?
Maybe they make a kazillion dollars and need a tax write-off. OTOH, maybe they value their good credit rating.
...or...maybe he got $300K cash back when HE closed, so he really isn't taking a loss!
I wonder if the bank is accepting this is a short sale?
hmmm...that's the reason my "cash back" theory won't work. He would have had to take out a 100% loan to get cash back, and the bank no doubt would balk at a short sale being $300K short after 10 short months.
well thanks for all the answers (i am the first anon)!
whatever the reason, 300K is a huge hit.. and $240/sqft in Scripps Ranch ain't so bad. (but who needs a 5000 sqft home?)
Bob here- who took a gorilla dump on the front yard?
THAT IS ONE SWEEEETTT HAIRCUT. MORE STORIES LIKE THIS TO WARM OUR TENDER HEARTS THAT BLEED FOR IDIOTIC FLIPPER FLOPPERS.
lol Gorilla Dump!!!
Hilarious!!
Somebody couldn't wait *one more day* for that mound to be spread across the yard before taking a picture of the object they expect someone to plunk down over a million dollars for. ONE MILLION DOLLARS!! Have we all become so jaded we don't realize how big a number that is???
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