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Bank Owned Homes in South Tacoma make great flips, paid $85,000 sold $179,000

Real Estate Agent with Coldwell Banker, Danforth




Front of victorian housesitting nook


Bank Owned Homes in South Tacoma make great flips, paid $85,000 sold $179,000

When you think of a classic Victorian beauty this home would come to mind.  This home was bank owned just a few months ago and on the market for $85,000. It was purchased and it was improved and put back on the market a few short months later. It was easy to do because it has great bones. It was put back on the market for $179,000 and received 2 offers.  I want to show you how you can still make MONEY in our current economic climate flipping houses; this home is living proof.

Bank Owned Homes make great flips because Tacoma has great period houses with style.  Some of the best types of homes to flip are homes with character.  If you are a savvy investor, or a seller needing to sell a home quickly you can learn a thing or two by taking a look at the video in this blog. You will see for yourself a great tour of every room. You will get some great ideas on how to stage and make a good house become a "I have got to have it now house"  or in this case (2) buyers wanted it. They were willing to pay almost $100,000 more for the same home that was owned by the bank only a few short months ago and selling for $85,000. 

The second reason Bank Owned Homes make great flips is, South Tacoma in many cases is an over looked community on the rise.  The South Tacoma area has had lots of recent investment by owner occupied buyers as well as investors, and  many of the neighborhoods are showing a lot of neighborhood pride.  Many of the homes have been and still are being renovated.

The third reason Bank Owned Homes make great flips is, the convenience to everything.  For the most part South Tacoma is very centrally located.  It is only 30 minutes from Seattle, and 15-20 minutes to the military bases. Everybody is looking for convenience and in South Tacoma you have just that.  One the largest shopping malls in the area is located in South Tacoma, "The Tacoma Mall".

As you watch the video in this blog notice how this home is perfectly staged. Just enough; home staging does not have to be a fully furnished home.  Just enough accent to show off the great features. By using art and a few furniture pieces and accessories the stage is set.  They did a great job with this home. You really get a great emotional appeal the moment you enter the door. Always remember to try to appeal to as many of the senses as possible. The eyes, the nose, and even to the sense of sound.  The sound of water, the sound of soft music.  All of this can really help when selling your home quickly. You can't overlook the fact that upgrades and improvements went along way in making this home the jewel it is. The kitchen boast of great granite counter tops and great cabinets, the kitchen is always the heart of any home.

One final reason Bank Owned Homes make great flips is, when buying in South Tacoma you can afford to price it right. In this market that is the bottom line.

Looking for a deal like this?  We can help, We love Tacoma and We are always looking for great homes such as this one for our clients.


french door in den    Victorian home kitchen

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Posted by


Debra Reed
Coldwell Banker, Danforth
253-376-3973  Direct
253-276-0036 Fax

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Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

I'm curious about how you got it financed.  Spreads like that draw a lot of attention.

Oct 16, 2009 07:17 PM
Ellen Crawford
Maximum One Executive REALTORS® - Alpharetta, GA
Alpharetta Real Estate Agents & Alpharetta REALTOR

That is such an incredible deal, and the perfect example of what happens when you work with a professional that knows what they are doing!

Oct 16, 2009 10:39 PM
Dave Humphrey, Broker
RE/MAX Marketplace - Celebration, FL
Real Estate Advice You Can TRUST!

I have just put under contract two homes in my market that were bought cheap, dressed up a bit and sold for a nice profit. My buyers are delighted with their deals. This is a bit crazy but those two homes were flipped for a nice profit, but the buyers are extremely happy to get them at the bargain preice they did.

Oct 16, 2009 10:56 PM
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Love the look of that home. Nice profit margin as well. But as the comment was said above did it not cause some scrutiny in the spread?

Oct 17, 2009 05:38 AM
debra reed
Thanks for all the nice comments. This was not my deal, I was only looking for a client and found this great house. Not sure what kind of financing they used. I just know the numbers, what the seller bought it for, and what the new buyer bought it for.
Oct 17, 2009 02:54 PM