I am not sure about all of the details, but the short sale negotiation was not successfully completed prior to the foreclosure sale date. The home was then sold to an "investor", for somewhere around $230,000, who then did renovations and put the home back on the market at $325k. There appears to be a decent short- timeframe profit there.
Back in 2004-2005 ANYONE could make money "flipping" homes...today it is much more difficult, but it can still be done. Today, you have to REALLY know your market area values, you have to REALLY know rehab costs, you have to REALLY know rehab times, you have to REALLY know what your carrying costs will be, you have to REALLY know your exit expenses, you have to REALLY know your tax implications, and the list goes on.
But again, there is still money to be made. If you are interested in investing in this manner, AND you are a cash buyer...or hard money, call me today and we'll see if this strategy is for you. And I say "cash/hard money for this reason: the margins in flipping homes today can be thinner, the sellers of a "flippable" property will be most likely looking for cash offers and the costs and time associated with closing on a property with a mortgage can be prohibitive.
Thanks for taking the time to read my blog entries.
Steve
