Some Signs that the "Flip" You Just Bought May Have Cut Some Corners
As prices continue to rise and inventory remains critically low, home Sellers are getting the feeling that there is less and less they need to do in order to make their home attractive to potential Buyers. The practice of "flipping" homes has been around for a long while, but the prices and more importantly, the inventory have made it less of an every day occurrence than it as before the pandemic.
There are lots of different ways that Sellers who are "flippers" can take shortcuts while they are preparing a home to come to market, and the accompanying article outlines a few of them. Suffice it to say that house flippers, like everyone else in business, make every effort to maximize their return. And in today's market when people are waiving contingencies left and right (including Inspection contingencies; NEVER a good idea) and are insisting on As-Is contracts, an interesting conundrum is created for those Buyers who agree to all of this.
Also, be wary of homes that do not have Sellers Disclosures or ones that are filled out without any insight, an indication that the home was never occupied by the Seller. Not every one of these instances is a "Red Flag" as there are many with validity (estate sales, long term rentals, to name a few), but those without explanation should be approached with every caution. Buying a property is complicated and even more so in a market like this, so unless you are an incredibly seasoned investor or owner, it's best to seek out the services of a Realtor® or Agent, and a top shelf lender if you plan to finance. Inspections, or lack thereof, represent only the tip of the iceberg for potential stumbling blocks and pitfalls you could encounter. The more you know!
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