111 Daviston St Property Update – Short Sale Flip

111 Daviston St Springfield MA

Time for a little pictorial update of our short sale rehab at 111 Daviston St in Springfield. You can see all the before pictures HERE .

Above is how it use to look, here it is after a new roof, new windows, new siding, painted trim and some landscaping…..

111 Daviston

We went with a different color siding on this one. We usually do tan siding with burgundy shutters, but a couple of the neighboring houses already had that color scheme going on, so we used a sage green siding with black shutters.

Inside we are adding a half bath to the first floor, redoing the kitchen and the upstairs full bath, installing all new plumbing and a new heating system.

Here are some photos of the work in progress;

Kitchen Gutted

Kitchen Gutted

New Half Bath

Laundry Hookup in new half bath

Second Floor Full Bath Gutted

Living Room

Main Hallway

We converted the pantry into a half bath and laundry room. This is located right off the kitchen so having the laundry in this location is going to be very convenient.

As of right now all the walls are closed up, everything is painted, the cabinets and granite are in, the hardwoods have been redone, and we are working on the finishing touches.

I’ll post some updated photos of the finished house soon!

Buying and Selling – House Flip Updates

Well it has been a very eventful couple of weeks. Ever since the end of April we have been cranking full speed ahead.

The expiration of the first time buyers tax credit kept us very busy in April. We put 6 of our finished rehabs on the market and 5 went under contract to sell by April 30th.  Those properties are 53 Fullerton St, 143 Lloyd Ave, 209 Gifford St, 42 Wexford St, and 8 Bosworth St.

Gifford St and Lloyd Ave are suppose to close this week, and the other three will close over the next couple weeks.

Although the first time buyer credit is now gone, and everyone thinks the market is gonna crash, we have still been quite active on the buying front. We just bought two properties today; an estate property and a bank REO…. and we should be buying three more by the weeks end. We’ll see how this strategy plays out over the next couple months…. things are definitely a bit slower now but I’ve found there are still a good amount of buyers out looking.

The three purchases coming up at the end of the week are pretty interesting.

One is a short sale that has given us all sorts of trouble. The bank gave us a verbal approval at a very good price. A day before the bank was to issue the approval letter we find out the sellers ex-husband filed for bankruptcy, whom I thought was no longer on the loan anymore, but obviously he still was. 

We got everything squared away with the bankruptcy court and are ready to close…. when all the sudden we find out there is also a second mortgage on the property and two judgement liens, which we had no clue about.

OK, so we gotta put the first on ice while we try to take care of these new liens. The second is with TD Banknorth and these fools decide they are not going to take anything less than a full payoff. I’m not sure what their thought process is here… the first is taking a $50,000+ haircut, we sent them the appraisal showing the house is worth nowhere near the debt owed, and they still won’t budge. I guess they don’t realize if it goes to foreclosure they will get wiped out and receive nothing!!!!

So we may have to bite the bullet and pay the second in full, which I don’t want to do, but there is enough room in this deal that we can do that and still make it work.

I guess the moral of the story is to do a good title rundown prior to doing your short sales.  

Well that’s it for tonight. We’ll be getting some more pictures and videos together as these deals unfold.