Updated about 14 years ago on . Most recent reply
My flip foreclosed :(
So back in March of 09 my partner and I purchased a property for 32.5k and turned around and flipped it a few months later for 115k.
In late 2010 it slipped into foreclosure and the bank now owns it.
Should I Feel guilt over this?
Next question, and it gets a little more clouded i guess. The bank that took this back listed it for sale with an out of the area realtor, who happens not to use the local MLS. Because of this the property dropped from 70k down to 35k with nobody buying it to date. There is no sign for sale. I'm thinking about offering 27k, i figure it's worth about 60k-70k
Should I feel guilty that I'm double dipping on this address?
Most Popular Reply
While I commend you for having emotions, I don't see how this is your fault at all. The bank appraised this property and loaned on it. The foreclosure had nothing to do with your workmanship, right? If you could make money on it again, I'd go for it, since you know the area, and the house. Just my opinion though.