This spring’s housing market is so tight, with a near record-low supply of homes for sale, that buyers who find a move-in ready home are ready to pounce. The better the finishings, the higher the price sellers can command.
Some flippers are turning historic homes into modern, hybrid treasures, but others are slapping cosmetic fixes on truly troubled properties, ignoring mechanical and structural issues. For more unsuspecting buyers, that move-in-ready dream home can quickly flip into a nightmare.
Tips For Buying a Flip:
- Make sure the flipper used a licensed contractor.
- Request an updated disclosure statement from the seller.
- Request a list of work done, including receipts and warranty information (water heaters, plumbing, electrical, HVAC).
- Check for all permits on the property and the upgrades.
- Make sure all upgrades passed full inspection.
- Make sure the property has a certificate of occupancy.
- Have a professional termite and mold inspection.
- Look for water damage and old wiring in the attic and basement.