Pro flippers increase the purchase price on their trustee deed when recording it.
According to foreclosureradar.com, the winning bid on this house was $1,014,000. But when you look at the tax rolls, the recorded trustee deed says $1,114,000. It’s done to narrow the gap between purchase price and flip price and, as a result, soften the buyer’s objection to the profit being made by the flipper:
An Old Spanish-style flipper between Kensington and SDSU – MAP. I hate when they are active when I leave, and pending when I return, which is what happened here:
The Painted Lady closed today – for full price, $499,000 VA.
We knew that the buyer was fully engaged in the house (just by paying the full pop), but like we saw in Diana’s article, agents and sellers never know if you have a sale until the inspection is completed. But any hurdles are almost always due to the lousy quality of the inspector – click here for Tom’s humorous comments on the inspection:
After you pay repair/improvement costs, a 2.5% commission, holding costs, and income taxes – not to mention the risk involved – is this flip worth the trouble? The agent had in his remarks that the last sale of this model was $848,000, wouldn’t you think he’d try for similar?:
The Coronado mansion at the center of two deaths and much speculation is being sold.
An investment group is in escrow on the historic Spreckels mansion owned by Arizona pharmaceutical tycoon Jonah Shacknai, whose 6-year-old son Max died after accidentally falling over the second-story railing, and whose girlfriend Rebecca Zahau was found hanging from a balcony in July.
Scott Aurich, a Realtor for Pacific Sotheby’s International Realty who brokered the transaction, would not disclose details about the deal, including the purchase price or the identity of the buyers.
The group, which includes a local developer, plans to remodel the property and then put it back on the market. The 12-bedroom oceanfront home is currently listed on Aurich’s website for $14.5 million, although it could be sold for less without the renovations.
Shacknai, who is founder and CEO of Medicis Pharmaceutical Corp., bought the home in 2007 and used the spread as a summer home when he wasn’t in the Phoenix area.
Aurich said he hopes potential buyers will be able to look past the deaths. The home was built 103 years ago by John D. Spreckels, one of San Diego’s first tycoons.
“Hopefully, the rich history of Spreckels owning it and the luminaries who were entertained there outweigh the recent history of the tragedy,” he said. “It’s still one of the most premiere estate properties in Coronado.”
Feel like doing a rehab? Here’s a sampling of what’s needed to complete a full renovation – five months’ worth of Tom’s work in less than nine minutes (now pending after four days on market, was listed for $499,000):
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