Buying A Flipped Home

Yadi Pacheco

On the surface, the house looks great – fresh paint, new appliances in the kitchen, new carpet throughout and maybe an updated bath. The colors are modern and appealing and the home has been staged to perfection. That’s the goal of a flipped home - to make you feel like you could move right in without being bogged down with repairs and updates.

But, beware. While some home flippers are good, others are unregulated professionals who buy homes that are undervalued due to poor condition. They move fast to get the home back on the market quickly to minimize their holding costs. They seldom take time or spend the money to address high-cost items, like plumbing, foundations, and electrical replacement.

How do you know whether the home is a flipper-upper? Bankrate.com suggests getting as much information as you can about the home’s history:

  • Has the home sold within the last six months or so and for a much lower price than the current asking price?
  • Is the home owned by a non-occupying seller?
  • Has the seller owned other homes for short periods before reselling them?
  • Are the updates largely cosmetic? New sink, old pipes?
  • Were permits obtained where necessary?
  • Is a detailed seller’s disclosure, recent home inspection, and list of improvements available?

I can help you get vital information about the home so you can look past the dazzle of new décor and evaluate this home fairly compared to other properties in your price range.

Previous PostNext Post

Subscribe

Search

Follow

Archive

  1. 2020
    1. December (1)
    2. July (1)
    3. March (1)
    4. February (1)
  2. 2019
    1. July (1)
    2. June (2)
    3. May (3)
    4. April (2)
MLS Property Information Network. Inc. The Total Listing Service NEREN Maine IDX Equal Housing Opportunity

©2021 MLS Property Information Network, Inc; The information in this listing was gathered from third party resources including the seller and public records. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations or warranties as to the accuracy of this information. 
Copyright 2021 New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of NEREN. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated April 10, 2021. 

Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. © 2021 Maine Real Estate Information System, Inc. All Rights Reserved

© 2021 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity. View our Privacy Policy

Website Powered by Real Estate Web Solutions

©2021 Real Estate Web Solutions, LLC. All rights reserved. realOMS Login | Switch Mobile Site