Real Estate Blog - Flips In Short Sales...???

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Flips In Short Sales...???

We have been struggling for months closing short sale transactions...

Talk about 'heavy maintenance' and 'luck'...A lot of both are experienced trying to close these transactions, and a great many never survive to closing...at great out of pocket expense to us, by the way...

Recently, an inquiry was made to us about handling a 'flip' subsequent (read concurrent) to a short sale...!!!

Legal or no, ethical or no, I'm just old enough and tired enough and frustrated enough to say no to such transactions...

What comes after your brain is fried after having 'worked' a successful short sale through closing...???

As for me and my company, we don't wish to find out...!!!

Have a great week...!!!

Posted by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ on 10/05/2009 09:56 AM

Comments (12)

Flips and Short Sales in the ActiveRain Channel

flips, short sales, foreclosures, what next

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12 Comments on Flips In Short Sales...???

OCT

We are seeing those in Northern Virginia. It borders on the unethical as if the property is worth more 2 hours later than it was worth more than what the bank accepted from the first buyer. They seem to happen more with cash deals as I would think the FHA 90 day rule might kick.

Run Fran, RUN! Best case is that you spend several months on the phone and get it to close adding a few dollars to your pocket. Worst case? Huge fines. Loss of license. Maybe a little jail time? You made the right choice.

I second this post!!!!

Pat: I'd rather be beach combing...!!! LOL

Mark: Great advice...!!!

Kat: I'll accept seconds...!!! LOL

Thanks, Fran

It comes across as quite fishy when someone is able to upsell a short sale. I know some are trying to make any way they can, but this kind of transaction could have legal consequences.

Theodora,

How about it! A lawyers dream...! Thanks, Fran

Wow. Just amazing what's going on 'out there.' Excellent attorney food for sure.

Fran, Can be legal. Can be ethical. Can be neither. Not worth the headache in my opinion.

OCT

I didn't even think about you and your end of it getting additional costs of not closing. I know as a listing agent they can sometimes be a headache, but we sometimes forget about everyone else... (Thanks for the reminder) As for the flip a lot of time they don't own them long enough for the financing to accept the sale. (FHA)

Todd Clark - www.LivingBeaverton.com

Susie: Yes, smart to abstain...!!!

Bryant: Not worth the headache...!!! Right!!!

TC: WE unfortunately 'eat' a lot of 'conveyancing costs', even though we are prudent in monitoring and scrupulously weighing such costs...!!!

Thanks, Fran

Fran, sounds like you did a smart thing. Flips have always made me nervous, even before they got their official bad rap.

OCT

Patricia,

'Flips' don't even sound legitimate...!!! Thanks, Fran

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