What you need to know if you’re considering buying a flipped property.

Many people have been asking us what they need to look out for when buying a flipped property. Before I get into that, what is a flipped property? It’s typically a house an investor bought from a distressed seller. Whether that meant the house was in disrepair or the seller was having financial hardships, the investor was able to buy the home for less than market value. Then they usually renovate the property, but some do it better than others. 

The main thing you need to do if you’re thinking about buying a flipped property is to get a thorough home inspection. The house may look great, but it could be lipstick on a pig. You also need a strong home inspector to do that inspection. We have a list of excellent inspectors that we’ve vetted who don’t cut corners and do very professional work. 

“The house may look great, but it could be lipstick on a pig.”

Additionally, lenders have guidelines for buying flipped properties. For instance, if you’re getting an FHA loan, you can’t buy a flip if the seller bought it less than 90 days ago. There are other guidelines depending on the financing you’re getting, so call us if you have any questions about that.

If you have further questions about buying flipped properties or want our list of fantastic home inspectors, please give us a call or visit our website. We would love to be your real estate resource.