We did a flip that house. Got a good deal on a house, remodeled it completely from top to bottom, and then the real estate market dropped out. We have had it on the market below the going price and if we do not sell it within the next 60 days, we have been told we must sign it over to the finance company. We had someone that wanted to rent it, to help out with the payments, but we are too far behind the mortgage company says. Seems not right that after all those months of sweat and tears, we will lose something we invested in and worked so hard to make right. We have listed it on Craigslist, and with an agent, but no one can even get approved for a loan so we seem to be pretty much sunk. If anyone has any advice, please let me know. We are desperate. Thanks
What city are you in? I was featured this last month on Flip That House, and I might be able to help you. I buy, sell, renovate, and manage real estate. I dont want you to lose everything you have invested. Please contact me at: RealEstateDevelopment@msn.com
If this isn't too painful to talk about, besides not doing the flip at all, is there anything you think you could have done to make this a more successful flip even in a soft market?