Flipping Question... - Posted by Rob FL

Posted by Karen McCall on October 21, 1998 at 09:11:34:

Advertise it before you get a contract on it then immediately (before telling possibe investors the address) go get a contract on it and then return investor’s calls make an appointment to show the home to all of them at the same time (creates competition) and get the assignment done then, it is a little nerve racking ,but can be done.

Flipping Question… - Posted by Rob FL

Posted by Rob FL on October 21, 1998 at 06:10:20:

Found a house owned by a bank being sold through a realtor. It needs extensive repairs (about 20K) that I am not willing to do (new roof, termites, bathroom and kitchen gutted, etc.). I would like to buy the property and immediately flip it to an investor. The bank won’t allow contract assignment.

The problem is this. The bank’s addenudum allows for an inspection, but requires it to be done within 5 days from the time THE ADDENDUM IS SIGNED by me. Very short. I don’t think I could find a buyer and allow them to inspect it in that time. And I don’t want to buy the house for myself.

Any ideas?

Re: Flipping Question… - Posted by J.P. Vaughan

Posted by J.P. Vaughan on October 21, 1998 at 09:55:52:


Who said you can’t negotiate with a bank? Given the
extensive work needed on the property, tell the bank
you need at least 15 BUSINESS days to get estimates
from two or three contractors. Just tell them you are
very interested but you cannot possibly do a good job
of estimating repair costs in five days. Ask them to
be more reasonable.