Don't leave $$ on the table. Get an appraisal!
Serving all of Maricopa and Pinal Counties, Arizona
The practice of an investor negotiating a lender to accept a short sale on a property at a value below actual market value in a down market and quickly reselling to a waiting buyer. The buyer in waiting is not known to the lender and thus the lender is accepting less than could be realized.
Here's one way flopping works:
An investor convinces the lender to take an offer on a property for less than the balance owed on the loan and lower than the actual current value of the property. The lender accepts the offer and the investor turns around and sells the property for a higher price pocketing the difference as profit. Naturally, the lender would have taken the higher offer, but the investor has hidden this information from the lender. This hurts the lender and often the homeowner.
Lenders & homeowners, protect yourself and insure you are getting the highest and best offer for your property.
American Eagle Appraisal will provide a creditable and supported appraisal along with data discussing the REO activity and data that will help you make an informed decision before you agree to a sale price.
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