Sunday, February 08, 2009

House Looking Tip: The Old Running-Pool Trick

by Calculated Risk on 2/08/2009 03:32:00 PM

This house is a flipper - the buyer bought in December at the Trustee sale for $502 thousand, and is now asking $750 thousand.

Here is the price history from Redfin:

DateEventAmount
Jan 16, 2009Listed$749,000
Dec 17, 2008Sold$502,000
Jun 26, 2007Sold$752,287
Jan 21, 2004Sold$752,000


The house was built in 2003, and it appears the house was first sold in Jan 2004. The buyer in 2007 bought at the 2004 price, and then lost the home in foreclosure.

The house looks pretty nice, but Realtor Jim unmasks the "running-pool trick"! Enjoy.