Dispatches from house-flipping hell

Remember Casey Serin, the young Sacramento-based house flipper who has been blogging about the trouble he got into after buying eight homes in six states using 100 percent stated income loans? This week, he writes about his first foreclosure auction. A house he was trying to get out from under in Sacramento ended up in the bank's hands, after (he says) the bank was too slow to sign off on a $220,000 short sale. Nobody at the auction was interested at the opening bid of $216,000, so "“Back to the bank it goes” the auctioneer announced on "a cold rainy day at the courthouse steps in downtown Sacramento."

It's a scene repeated on a daily basis nationwide and Serin's blog, IAmFacingForeclosure.com, has a huge (and vocal) following. This recent post about his failed attempt to pull off the short sale provoked more than 300 comments, many scathing. Whether or not you sympathize with Serin's plight, you gotta admire him for continuing to make public the details of what's got to be a gut-wrenching experience (while keeping comments enabled!).
Matt Carter, Inman News

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