With a shortage of housing for sale across America right now, buyers are often tempted to ignore the occasional problem in the hope they can win the property to begin the next chapter of their lives.
Their hopes often rise when their agent tells them they’ve found a home that meets their criteria – and best of all, it’s just been remodeled.
“There’s nothing to spend. Just move in!”
Have you heard that line before?
There are great moments like this, that’s for sure. And good luck to the buyer.
Just as certainly, there are moments when the story is too good to be true. And it doesn’t matter much whether you’re buying a house, apartment, or condo.
You should be on your guard if you’re thinking of buying a property that’s being flipped.
What’s “flipped”?
It’s a strategy where someone buys a rundown or tired property, and makes improvements to sell as quickly as possible for as much as possible.
Property “flippers” tend to focus on the cosmetics and ignore serious issues that can cost thousands of dollars to fix but add no value.
Here are some buying tips for this scenario, and issues to watch for: