Found a home to flip to retail. I have some questions
So, I found a home on craigslist that was on sale for $157K (Built in 1991). One other home sold last october for $215K. It's a small subdivision and the last sale before the one in October was for $230K. I think I can safely assume I will get $200K. Title will be clear (they say because HUD clears the title when they sell it), no major damage to the property at all. Needs painting and cleaning, maybe finish some of the upgrades that didn't pan out.
The sellers are wholeselling the property because they have two other properties that are taking up all their time. They purchased the home at a HUD auction last month, and it was foreclosed on last year. They are still profiting through the wholesale, but
- Why didn't the home sell in that year? Seems like it should have sold before it got to auction?