Another subject line could also be…What a Flipping Nightmare! Because really it is! All jokes aside, this truly IS a nightmare for these investors!


 
I was researching comparable sales this weekend for a home that I’ll be bringing to the market next month, & I came across another sad tale of a house flipper who got caught with their pants down in our “new” market. So of course I had to share it with you…it’s like a car crash, you just can’t stop looking! (And thanking your lucky stars that it’s not you!)
 
Flipper “wins” bidding war in mid-February 2017 – pays $652k
Sellers are the real winners because they paid $276k for the home back in 2006
Flipper puts in $30’ishk worth of work
Home listed for sale in October 2017 at $749,000
Cancel/Relists from October to January…$749k-$599k-$699k-$659k-$659k…in that order
Final relist in February at $589k & the property sells for $600k
 
Painful, right? :(
 
But not as painful as the update on the first flipper I told you about in my email “Welcome to this Seller’s Nightmare” See it HERE if you need to refresh your memory!
 
The house has been reduced by $1k and there it sits….but what’s new is that it’s also FOR RENT now at the same time! But at $2,200/mo + utilities it is also just sitting….because seriously, you can rent a WAY nicer house in a WAY better neighbourhood at a WAY better price than this one for $2200/mo.
 
What a mess…:(

**This story was originally sent out on March 19th to my Daily Update peeps! If you would like to start getting my daily email too, just shoot me a message! M-W-F are real estate stories, either that I've written myself or that I consider share-worthy, & T-Th are new listings**