usctrojanman29_IHB
New member
22 Montelegro in Westpark closed for $735k on 10/9/09. The buyer purchased the property for all CASH (a FCB maybe?). The flippers picked up the property for $636,577 at the foreclosure auction on 7/16/09. They initially listed the property for $799k (a little too greedy) on 8/21/09 but were smart enough to lower the price down to $749k within about 3 weeks and were in escrow a few days later. If they were smart they would have listed it for $699k and created a bidding war. Assuming about 7% for closing costs, the flipper walked away with about $50k in net profit.