Is this a flip attempt??

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optimusprime_IHB

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<a href="http://www.redfin.com/CA/Irvine/78-Fringe-Tree-92606/home/12253241">http://www.redfin.com/CA/Irvine/78-Fringe-Tree-92606/home/12253241</a>



Date Event Price Appreciation Source

Jan 14, 2009 Price Changed $675,000 -- SoCalMLS #P665053

Dec 10, 2008 Relisted -- -- SoCalMLS #P665053

Nov 16, 2008 Listed $699,000 -- SoCalMLS #P665053

Oct 30, 2008 Sold $479,774 -23.4%/yr Public Records

Nov 28, 2006 Sold $800,000 -- Public Records
 
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...
 
[quote author="graphrix" date=1233048815]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...</blockquote>
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+.
 
[quote author="usctrojanman29" date=1233060962][quote author="graphrix" date=1233048815]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...</blockquote>
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+.</blockquote>


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.
 
[quote author="graphrix" date=1233112561]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.</blockquote>


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.
 
[quote author="graphrix" date=1233112561]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.</blockquote>


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...
 
[quote author="optimusprime" date=1233112870][quote author="graphrix" date=1233112561]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.</blockquote>


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.</blockquote>


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.
 
[quote author="Anteater Alum" date=1233113288][quote author="graphrix" date=1233112561]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.</blockquote>


Graphix, help me understand this. Who sets the minimum bid? The bank?</blockquote>


Yes, the bank, or hedgefund that owns the mortgage sets the minimum bid.
 
<a href="http://www.redfin.com/CA/Irvine/50-Nebraska-92606/home/4678592">http://www.redfin.com/CA/Irvine/50-Nebraska-92606/home/4678592</a>



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
 
[quote author="optimusprime" date=1233365826]<a href="http://www.redfin.com/CA/Irvine/50-Nebraska-92606/home/4678592">http://www.redfin.com/CA/Irvine/50-Nebraska-92606/home/4678592</a>



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</blockquote>


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....
 
[quote author="optimusprime" date=1233112136]$480k is definitely a good buy. I agree $600k would be a good flip price.</blockquote>




don't forget the taxes they need to pay so they aren't making that much.
 
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