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HouseHunter2012
Posts: 5
Registered: ‎11-26-2012
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Flipped House priced to make a giant loss, why?

http://www.redfin.com/CA/Chula-Vista/2273-Lattice-Ln-91915/home/6643143

 

Does anyone know why this would occur? Property was sold at auction a month ago and relisted now for a massive price drop. 

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Nanomug
Posts: 10,290
Registered: ‎05-30-2009
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Re: Flipped House priced to make a giant loss, why?

It's not a price drop.  It was foreclosed by the lender at the first mortgage amount.  The owner purchased for $365k and then the bank foreclosed for the balance.