wholeselling houses for profit

[kacie]

@Aithne

Going back to the original topic, flipping is legal in every state. I am an underwriter as well as an investor and there are two types of flips. Legal and illegal. An illegal flip is generally when a group of people work together to inflate value on a property and get cash for their transaction. For example, a home is purchased for $50,000. A few weeks later another buyer comes along (generallya straw buyer) and buys the house for $70,000 using an inflated appraisal. A short time later, the home is sold again for $100,000 using an inflated value. All of the time, the house has actually been worth $40,000. These flips are illegal and generally involve several conspirators. Realtors, buyers, appraisers etc.

A legal flip is what I and other investors do every day. We buy a home at a steep discount and then fix it and flip it at retail for a profit.

I was involved in an illegal flip and the seller got back in the house and completely vandalized it which made it unhabitable by anyone. I reported the vandalism and filed a police report and insurance claim. However the insurance co is stating that the house looks under cinstruction and are not trying to cover the damages which leaves me deeper in the hole. No room to sell since the seller stripped it of all the equity and no money to afford to fix it out of my pocket. I have not been behind on the payments but I cannot keep this up considering I am staying with family and this will soon run out. Any advise? PLease - I posted the info for short sale purposes with no response. The caveat is that I do not want a late or a foreclosure on my report if this is th eonly stipulation warrnated by a short sale. Please offer any advice or assistance…

Thanking you in advance.

[Aithne]

Kacie,

The bank has no motivation to do a short sale unless you’re behind. Also, if the property is in that condition, I’d call an investor in your area and see if they’re interested in buying subject to.