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Las Vegas Area Sellers and Sales (Transaction) Categories: The "FLIPPER" (#5 in a series)
Las Vegas Area Seller or Transaction Category #5: The "Flip"
This is part 5 in a series describing different types of sellers and transactions in the Las Vegas Area market.
The "Flipper" is a type of seller.
To "Flip" means that the property was recently purchased (at a discount) and is quickly being resold. There are two main types of "flippers" in this market:
Those that buy directly from "trustee's sales" (foreclosure sales.) I am going to call these "Real Flips" Those that are trying to leverage nothing by negotiating short sale transaction - these are the most difficult to get through. I am going to call these "Flip Flops" Real Flips are attractive to potential buyers because:
They are usually rehabbed beautifully and have the smell of fresh paint, carpet and neutral colors. They usually have a quicker answer or response than REO or Short Sale The pitfall of a Real Flip is:
They are usually FHA financing ineligible because of deed seasoning rules. Some major home defects may be covered up during the cosmetic repair process All about the "Flip Flop":
A flip flop is when an "investor" comes in to negotiate a short sale. They leverage NOTHING ... more
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