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Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
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The fastest flip in the west!

Platinum Trusted Contributor
elt1
Posts: 5,021
Registered: ‎01-04-2010
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Re: The fastest flip in the west!

[ Edited ]

In the 90's you could double escrow a deal. Tie it up for a month or 2, advertise it for sale and sell it to a third party the same day you purchased it. You could make money just by tying up the property with the 3% deposit. Still possible today, but only if the third party has cash. Normally today a house won't appraise for more unless it it flipped 90 days after the previous close. However, the market is so hot one house that fell thru in SM due to a low appraisal sold 6 weeks later for $100k (with a higher appraisal) more...no wonder sellers don't want to sell.

Silver Super Contributor
ptiemann
Posts: 1,227
Registered: ‎08-07-2009
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Re: The fastest flip in the west!


swimfiend wrote:

That was a really fast flip!
http://www.redfin.com/CA/Oakland/5395-Walnut-St-94619/home/560130?


 

Sold November 12th and now listed February 1st.. that's over 2 months.. what's fast about that?

 

Look.. THIS is a fast one:

 

http://www.redfin.com/CA/San-Jose/1310-Saddle-Rack-St-95126/unit-243/home/1437843

 

Auction happend ~ 7/1/2011

Listed for sale 7/8/2011  --- waiting for deed in the mail

Recorded auction's deed on 7/11/2011

Pending 5 days later, cash sale closed in 10 days.

 

I had the buyer before I had the auction's deed, but I could not / did not want to enter a contract until I had my deed..

 

Nice bonus: I sold the unit myself without a buyer's agent = $0 commissions paid.

 

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
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Re: The fastest flip in the west!


ptiemann wrote:

swimfiend wrote:

That was a really fast flip!
http://www.redfin.com/CA/Oakland/5395-Walnut-St-94619/home/560130?


 

Sold November 12th and now listed February 1st.. that's over 2 months.. what's fast about that?

 

Look.. THIS is a fast one:

 

http://www.redfin.com/CA/San-Jose/1310-Saddle-Rack-St-95126/unit-243/home/1437843

 

Auction happend ~ 7/1/2011

Listed for sale 7/8/2011  --- waiting for deed in the mail

Recorded auction's deed on 7/11/2011

Pending 5 days later, cash sale closed in 10 days.

 

I had the buyer before I had the auction's deed, but I could not / did not want to enter a contract until I had my deed..

 

Nice bonus: I sold the unit myself without a buyer's agent = $0 commissions paid.

 


  Hey! I saw the selling and buying agent with the same name! Oh my Gosh, they must have turned crazy themselves talking to each other!:smileyvery-happy:

Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
0

Re: The fastest flip in the west!

It seems majorly renovated that's why I said it was fast. But on hgtv they can do that stuff in a weekend. I stand corrected.