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Flip Gone Bad?

UPDATE: The house sold finally at the end of July 2008 for 485K, a loss of almost 200K.

Update Dec 4 2007 – still holding at 799K 151 days into it – poor bag holder hasn’t a clue what he’s in for…

Located just on the outskirts of Culver City, the photos look like typical “after” shots from Flip This House with all the cliches…but did they mis-time the market?

The description says: “BUYER TO PROVIDE PRE-APPROVAL LETTER & PROOF OF FUNDS TO CLOSE BEFORE SCHEDULING VIEWING.”

LOL. Wonder if that means banks are saying 800K for a house practically under the Santa Monica Freeway? Yuh, right. And anyone who can qualify for that kind of loan with the new REAL underwriting standards would not want to pay that much to suck in truck fumes on a warm summer night. Gotta keep an eye on this one.

2806_holt_oct 2007_proof_ha.jpg


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