Foreclosure Flipping Flagstaff AZ

In terms of mechanics, foreclosure flipping is very similar to regular property flipping. However, there is added risk when dealing with foreclosure flipping because there is often a heightened probability of unforeseen problems that have been cosmetically repaired and possibly hidden trust deeds that encumber a property. In addition, people who lose their homes to foreclosure sometimes do damage to a property out of frustration at having lost their home.

Warren G Levenbaum
1300 S MILTON RD STE 209
FLAGSTAFF, AZ
Specialties
Corporate, Criminal Defense, Commercial, Litigation, Real Estate
Education
Suffolk University Law School,Boston University
State Licensing
Arizona

Tony S Cullum
(928) 774-0614
14 E Dale Ave
Flagstaff, AZ
Specialties
Real Estate, Construction, Corporate, Probate, Estate Planning
Education
Pepperdine University School of Law,Arizona State University
State Licensing
Arizona, Colorado

Michael E Mongini
120 N BEAVER ST
FLAGSTAFF, AZ
Specialties
Business, Commercial, Construction, Equipment Finance, Real Estate
Education
Southwestern University,Los Angeles, California,Northern Arizona University, Flagstaff, Arizona
State Licensing
Arizona

Philip (Jay) McCarthy Jr
(928) 779-4252
120 N BEAVER ST STE 120
FLAGSTAFF, AZ
Specialties
Adoption, Litigation, Real Estate, Family, Mediation
Education
Creighton University,Northern Arizona University
State Licensing
Arizona

Michael E.J. Mongini
(928) 226-0000
120 North Beaver Street, P.O. Box B
Flagstaff, AZ
 
Douglas J Wall
100 N ELDEN ST
FLAGSTAFF, AZ
Specialties
Probate, Estate Planning, Real Estate, Corporate, Partnership
Education
University of Kansas,University of Kansas
State Licensing
Arizona

Brent Davidson Harris
323 N LEROUX ST
FLAGSTAFF, AZ
Specialties
Real Estate, Contracts, Wills, Trusts, Estate Planning
Education
University of Arizona,University of Arizona,University of Arizona
State Licensing
Arizona

Paul J Richard
(928) 214-6467
401 N. San Francisco Street, Suite H
Flagstaff, AZ
Specialties
Chapter 7, Chapter 13, Business, Foreclosure, Debt Settlement
Education
TULANE U
State Licensing
Arizona

Keith A Hammond
223 N ELDEN ST
FLAGSTAFF, AZ
Specialties
Personal Injury, Criminal Defense, Real Estate, Landlord & Tenant, Family
Education
Drake University,University of Northern Iowa
State Licensing
Arizona

Keith A. Hammond
(928) 556-0983
P.O. Box 1297
Flagstaff, AZ
 

Foreclosure Flipping

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In terms of mechanics, foreclosure flipping is very similar to regular property flipping. However, there is added risk when dealing with foreclosure flipping because there is often a heightened probability of unforeseen problems that have been cosmetically repaired and possibly hidden trust deeds that encumber a property. In addition, people who lose their homes to foreclosure sometimes do damage to a property out of frustration at having lost their home.

Buyers need to be particularly aware that fixes to the property could be cosmetic in nature where mechanical or structural problems could be present. These problems tend to show up after the home has closed escrow and the seller of the flipped property has moved on to another area, possibly out of state. In those circumstances, it is highly probable that the buyer will not be able to re-coup the losses they sustained. The key message is to know what you are getting into in terms of value, risk and unseen problems that property inspectors may uncover. Get the third party information you need about market values and risks.

Pre-foreclosure flippers identify properties targeted for foreclosure usually because of a Notice of Default (on payments) that has been filed by a lender, due to non-payment of the mortgage. They want to be involved early in the foreclosure process because they want a "good deal" and do not want a real estate agent involved, usually because of the added commission expense.

They generally offer the minimum amount possible to a distressed seller to get them out of the property. The offer will generally be just enough to get them out of the property (to protect their credit rating) and perhaps a few more thousand dollars so they leave the property with something. The market value of the property may be, and often is, considerably more than the pre-foreclosure flippers will offer. They understand the sellers in this situation are often desperate and they take advantage of that situation. Their objective is profit and their goal is to buy the home with minimal up front expenses.

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