Question about flipping? - Posted by ed russo

Posted by Andy on February 01, 2001 at 09:27:58:

Hi Ed!

To answer your question, the term flip simply means someone is buying a property and selling it immediately without living in it. It may also be used in some areas to describe an investor who puts a contract on a property and then tries to sell it to someone else before he actually has to “buy” the property. This is what you asked about. You should get a deposit. If you don’t want this to be done, you should not allow the contract to be “assignable”. I would be very hesitant about letting some stranger show your home. I would have wording to the effect that the original buyer would lose the deposit if he didn’t close at the specified time.

In my view, there is nothing wrong with an investor doing this, but as a seller, you don’t want your property tied up for 60 days and then have nothing to show for it but a measly deposit!

Question about flipping? - Posted by ed russo

Posted by ed russo on February 01, 2001 at 09:15:13:

I currently have my home for sale.Someone was telling me you will get people trying to flip you.How does this work?Some one told me that they they give your a contract and require a 60 day closing and sell your home to someone else in the 60 days.Is this how it works?And if so how do they show my house to someone else?Do they give me a deposit?If so wouldnt they lose there deposit if they dont find a buyer?Thanks Ed Russo