Wednesday, August 15, 2007

38140 Fawn Meadows Trail, Elizabeth, CO

Doesnt look good for this flipper.
They borrowed $712,000 08/15/2005 Affiliated Fin'l
They borrowed $88,910 10/11/2005 Wells Fargo
They borrowed $69,000 06/14/2006 Wells Fargo
See the pattern? refie to pay the mortgage
They listed the property 09/24/2005 $1,170,000
$1,170,000 in Elizabeth on only 8 acres?? too much Kool Aid for these puppies
(how did they get those other loans while listed?)
(this must HAVE been a good client of the Bankers)
after almost 2 years and numerous price drops all the way down to $799,999
NOD served.....05/23/2007
Now the Banker is finding out just how good his client is.

2 comments:

Numpty McHoon said...

Unfrigginbelievable.

What is a tragedy for an individual flipper becomes comedy when this is activity is repeated as often as it has.

What they were thinking, if one were able to capture it, would make good cautionary fables- a la Brothers Grimm.

Alas it is probably too embarrassing for them to volunteer for such an effort.

Bubblewatcher said...

Appears value is high $500's to mid $600's..
Ouch!