124 Winslow Ln (The same flipper is coming back )

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G

guava

New member
EQUITY SELLER!! NOT a short sale or REO. Corporate owned free & clear. Bring your pre-approved buyers and close FAST!! This is beautiful, turnkey home on a quiet greenbelt in the Northwood Pointe tract. All new interior paint. Upgraded cherrywood flooring downstairs,ceramic tile in baths and all new carpet upstairs. Plantation shutters throughout, added central ceiling lights and recessed lights; extensive storage cabinets in garage with workbench. Elegant dining room with fireplace and built-ins. Separate office/computer loft upstairs. Walking distance to canyon View elementary and Northwood High School. Association amenities include pool, tennis courts,playground and sport courts

Please provide pre-approval with scores and proof of funds with all offers.
Write all offers to Winslow Lane Trust 124. Owners have never occupied home.

Price $500,000
ASqFt 1,182 Estimated
LP/SqFt $423.01

This is the same flipper who flip 29 Grape Arbor with great success
He list Grape Arbor with LP/SqFt $323.54

The same flipper is coming back, only this time he get more greedy
He ask for LP/SqFt $423.01, instead of LP/SqFt $323.54

LP/SqFt $423.01 for a tiny 1182 SQF condo !!

All I can say, he is asking way too much this time.

Winslow Lane Trust 124


http://www.redfin.com/CA/Irvine/124-Winslow-Ln-92620/home/4791124

http://www.irvinehousingblog.com/forums/viewthread/6072/


for more details refer to
29 Grape Arbor in Northwood II (another flipper listing coming to an MLS near you)

------

The flipper raise per square feet price from $323 to $423.

WTF ! Increase $100 per square feet in less than 2 month.

??-

BTW. The flipper used to be listing agent himself.

After earning fatty profit from previous flipping

The flipper is so rich now.

He hire a realtor as full time employee under his Gxxxxx Corp.

The new employee work as listing agent for the flipper.

Now the flipper is relieved from listing duty.

He can focus most of time on flipping instead of listing.


?????????????-

On the listing statement, it reads "Listing agent is the owner. Corporate owned free & clear"

Owner is the Seller. The seller himself is listing agent.

The seller establish a realtor company Gxxxxx Corp.



So why does he not sell the property as corp-owned under Gxxxxx Corp ?

Instead the flipper list the property under Winslow Lane Trust 124.
 
As a buyer we need to know the difference between Winslow Lane Trust and Gxxxxx Corp.

Following is my understanding:

Could anyone tell me whether my understanding is correct or not?

Winslow Lane Trust will be dissolved after the flipper sold the property.

However, Gxxxxx Corp still exist after the flipper sold the property.




Before purchase transaction

Winslow Lane Trust net value is $500,000

Gxxxxx Corp. net value is $3,000,000 (hypothetical)

After transaction

Winslow Lane Trust net value is $0

Gxxxxx Corp. net value is $3,500,000 (hypothetical).



6 months downn the road, if buyer find undisclosed defect of the property.

He want to file complaint or lawsuit against Winslow Lane Trust.

He will only learn that Winslow Lane Trust does NOT exist anymore.
 
[quote author="guava"]
6 months down the road, if buyer find undisclosed defect of the property.
He want to file complaint or lawsuit against Winslow Lane Trust.
He will only learn that Winslow Lane Trust does NOT exist anymore. [/quote]

This property was built in 1998, so it's past builder warranty. As a buyer, you should get a good inspector and make a list of defects for the seller to remedy before escrow, unless if it's sold "as is". You can also have the seller pay for home warranty package.
 
Here is another listing from the same flipper

27 Secret Garden

3,069 SQF

$949,000

Here is what he said
"Bring All offers with 30 day Escrow"
"Please provide pre-approval letter with credit scores and proof of funds with all offers."


He want to escrow in 30 days.
Not to waste any single day of his time.
He does not care if buyer have enough time to inspect for termites, plumbing, defect ...

All He want is : to load his hands with quick cash.

So he will be ready for next flipping at other cash-strapped buyer's expenses.

Here is agent remarks:
Go Direct! Combo lockbox #3134. Corporate owned. Bring All offers with 30 day Escrow!!!! Owner has never lived in home. Listing Agent is the Owner. Please provide pre-approval letter with credit scores and proof of funds with all offers.  Due to recent acquisition 7/27/09, any FHA offers must be dated 10/28/09 or later. MLS is updated daily. Seller to respond to all offers with 24 hours. cash or conv only, no FHA. Patio has dryrot and will not be repaired
List Office ID : H05825
 
I've actually dealt and spoke with these guys concerning my offers on 11 Laurel Glen and 29 Grape Arbor. It is 2 brothers and 4 money guys (ex mortgage brokers) who teamed up to flip homes earlier this year. Their main focus has been South OC but they have been having success with their Irvine acquisitions. The group has done about 12 flips in 2009 with all but one being profitable, not bad at all.

They knocked it out of the park on 29 Grape Arbor...cash buyer who paid $100k over comps. They did fine on 11 Laurel Glen and will do a little better on 27 Secret Garden. As for Winslow, they won't make much money at all...I think it was a stretch for them to pay $420k for this property at the auction (I would not have paid more than $380k for it at the auction). I just don't see Winslow closing for much above $475k-$480k due to its size and location but they won't lose money on the flip.
 
Here is another flipping from same guy!

43 Bamboo , Irvine , CA92620

VACANT, GO DIRECT, EQUITY SELLER, WILL RESPOND TO ALL OFFERS QUICKLY.
Gate Code 47xxx1. Supra box on front door.
Please provide pre-approval letter with credit scores and proof of funds with all offers.
Owners have never occupied home.
PLEASE NOTE, CANNOT ACCEPT ANY FHA OFFERS  DUE TO FHA RULE
Cash or Conventional loan
sold 'as is' , no warranty.


Orig List Price $699,000
Sold Price $670,000
 
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