Re: flipping a listed property - Posted by Gary Huron
Posted by Gary Huron on February 24, 1999 at 21:49:34:
As a REALTOR, I would have no problems with you doing a flip. My feelings are that as long as you and the seller agree to what is ever on the offer and it is carried out according to the written offer, who cares. As a REALTOR, I think that it is a great way to help sell property.
You are getting the original seller out from under the house so he/she can begin to get their life back and now making the house more marketable for the next guy.
You can flip higher price tag homes to increase your profit margin on properties that have troubled owners.
Our office has a property listed with a seller that just died of a drug overdose. (That was a waste of a good person). Well constructed ranch that needs cleaning (interior/exterior) and paint. We could never get the seller to do the little things to make her house sell. (I did an open house and all my visitors just walked right back out due to the animal smell). Her family just wants the house sold and will do nothing to clean it up. I am working on having someone write up an offer that states they can have access to the property to clean and paint prior to closing and then end up flipping the property to another buyer who is looking for a home with that fresh look. The first buyer should be able to walk away with $5k - $10K for a weekend project. Just have to convince her family that this is a good way to sell the property without them being heavily involved and they will still get good price for the house.
Good luck and Ron LeGrand has a good book on flipping call “Fast Cash With Quick-Turn Real Estate”. You’ll love it.