Wednesday, April 29, 2009

The Flips Begin - Real Estate Investing 101

Just a quick look at property that is moving quickly through the Real Estate world in Portola. This home was short sale listed on the market for appoximately 120 days. Sellers received one offer for $362k, but the lender took too long and the buyer walked. Things stalled out over the holidays and price was reduced $335k. With 4 offers in hand the ranging from $335-$362 the lender decides to let it go to auction. Sells at Auction that day for $313k, on the market today for $369k.

We should begin to see this happen more and more, which is some peoples mind means we have seen the bottom. Of course, it is yet to see what this home will sell for. But one thing is clear, Invesors are buying!

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