Jim TV Spoiled Flipper

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Uploaded by on Nov 28, 2009

A realtor had listed this house in June, noting that it was a short-sale flip in progress. They had arranged (conspired) with the seller to submit to the existing lender a short sale at a substantially lower price, and then listed it on the MLS for $598,321 before the short sale was approved - intending to pocket the difference.

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  • Very interesting to see the water damage. Didn't figure to see that out there. Back here in Illinois we have 4 times the rain you do. Water damage is a common problem. Especially with basements.

  • Well, if they didn't FILL UP WITH WATER every time it rained, that's some nice storage for blankets or toys or whatever.

    Disaster of a house. Weird floor plan, financial shenanigans, and water damage in every single room. I agree-tear down. And in this market, buying a tear down house is a total waste of money unless it's in an uber-prime location. Better to buy a house that's already liveable than to bother with a tear-down.

  • Wow... when I saw water damage in the living room I figured it was manageable. I've repaired drainage issues exactly like that on two homes myself (it's a lot of hard manual work but the savings is huge.) But water damage all over the second floor? Unreal... I wouldn't call it a tear down if the price is LOW enough but.. it would have to be very low for me.

  • What's with those coffins in the living room and the upstairs room? Do they have a utility or was it just the rage in the late 70s?

  • Great vid . Every bank is going to order 2-3 more bpos just prior to close/ docs signed sitting at title, and researching mls status and any change in ownership in last 12 mos is part of the bpo. That flipper and realtor killed that sellers short sale. The banks are hard enough to deal with at market price . Great info on the water damage in that house. The new buyer is taking on a lot of liability/ mold/ etc.

  • I agree with you Jim that this it is probably best to tear this one down and start from scratch.

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