The Possible Perils of Purchasing a Flipped Property
- Sep
- 02
- Posted by Jabuka Home Inspections
- Posted in Blog
Buying a flipped home can be a great decision. Best-case scenario, much of the fixing up is already done, and the property can be ready to live in from day one. However, a flipped home can also turn out to be a pretty surface that is hiding deeper, structural issues. A proper home inspection, important in all home buying decisions, is vital when looking into purchasing a flipped property.
Despite reports like one from The Associated Press that the average rate for a fixed mortgage rose last week to its highest level in two years, home buyers, in July, scooped up previously owned homes at the fastest pace since 2009.
Many of those previously owned homes were “flipped” or bought and resold within six months. According to The Wall Street Journal sales of flipped homes are up 19 percent from a year ago and up 74 percent from the first half of 2011.
While home buyers should always perform due diligence when buying any house, buying a flipped home requires special care. Flipped homes, by definition, are not typically sold by an owner who has invested years in care and maintenance. They are sold by speculators who buy them, fix them up, and sell them quickly for a profit.
While this doesn’t mean all flipped homes are the victim of shoddy renovation, it does mean you have to investigate before signing on the dotted line.
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We are pleased to recommend Jabuka Home Inspections to potential home buyers. Mr. Jabuka was very thorough in his inspection and equally descriptive in the report which he generated on-site for us in late 2004. He personally went through the report with us, pointing out concerns of different levels - differentiating which were safety concerns and which were merely cosmetic or which required further investigation from a professional in that particular field. We purchased the home which he inspected and have also used his report for reference after the fact and to prioritize home improvements.
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Sam Jabuka saved my deal. I had to do my inspections as fast as I could because I had a short escrow. Sam fit me in the next day. Once the inspection was complete he had his report ready the SAME DAY! He even sat down with my clients and explained the report in detail to them personally. I will be using Sam on a regular basis.