Oh, boy, there's gonna be so many of these stories the next couple of years. Dot-condo nightmares...
Check out this underwater flipper from "aren't we supposed to be still booming" Las Vegas (thanks to bubbletracking):
Flipper in Trouble (update)
Originally Posted 1/4/06Update I 1/18/06Update II 2/15/06No, this is not an EF (Extreme Flipper).
This is just a run-of-the-mill flipper with 4 properties, 2 of which are listed on the MLS below. I'll assume one of the other two is the principle residence and the other is rented. Check out the listing description...6xx9 SWEET PECAN STLas Vegas - Lone Mountain, NV 89149Listing Date: 1/4/06Listing Price: $295,000Last Sales Date: 11/2004Last Sales Price: $305,000"This home is being sold short and we will entertain all qualified offers, this offer will need to be acceptable to the lender. Make us an offer???????"
(Update 1/18/06: first reduced to $290,000, now the price is back up to $318,000... which proves the motto: if you can't sell it, raise the price!!!)(Update 2/15/06: no longer on the MLS, however, we do see it as a pre-foreclosure on RealtyTrac. Check out the pure stupidity: our flipper in trouble purchased this gem for $305,000, guess how much the prior owner bought it for? $190,000 in 7/2004!!! This is a good example of a flipper screwing another flipper for a $100,000 profit in 4 month!)
February 17, 2006
Posted by blogger at 2/17/2006