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But I’ve been hearing quite a flap about flips, even these days.
Perhaps we can chalk this up to the “weird, disparate bottoming” in this market — phrasing per our friend Rich Toscano.
We know there are investors out there fighting for low-priced foreclosures to purchase with cash and then rent out. But for a few months, I’ve been hearing a LOT about flippers — people purchasing foreclosures either at trustees’ sale (auction) or after the bank has repossessed them, who then rehab them a bit and sell them for a profit. There are certainly San Diego County neighborhoods where this wouldn’t work, but others where it is working.
I’d love your help wrapping my arms around this trend. Some of you already peruse sites like SDLookup.com and pass along interesting transactions.
Is there a house on your street that has undergone a flip? Have you flipped a house, or bought a flip in the last several months? Drop me a line at firstname.lastname@example.org. And if you’ve got before and after photos (and prices), even better.