HomeMortgageBuying a Flipped Home: Ask These Four Questions First!

Buying a Flipped Home: Ask These Four Questions First!

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You’re looking at available listings and see an eye-catching, fully remodeled home with the works. After doing a little research, you learn that the home was probably flipped. Perfect! Someone else did all the remodeling for you, so all you need to do is unpack your boxes and enjoy, right?

Not so fast! Buying a flipped home works this way a lot of the time, but not always. Are you looking at a flip or a flop? If you are checking out a flipped home, ask these questions to guide your purchase decision:

  • Are there any red flags in the plumbing system?
    During your in-person tour, spend some time at each faucet. Assess the water pressure, check the visible pipes for leaks and ensure that the water drains well.
  • Do you see any exposed wires?
    Exposed wires are a safety hazard that experienced home-flippers or contractors won’t let happen. If wires are peeking out of walls or crevices, it might indicate that the home was flipped by a newbie.
  • Is the tiling well-aligned, do the doors close smoothly and are all structural elements anchored securely?
    Some of these things might seem picky and cosmetic, but they could indicate that the work was rushed. If the seller or their contractors didn’t take the time to make the surface details perfect, what’s lurking underneath?
  • Did the seller obtain the appropriate permits before starting their project?
    Permits will tell you if the work performed was approved by an inspector and will sometimes provide a value estimation. If the permits you find and the remodeling work you see don’t match, pass on this particular home.

Are you thinking about purchasing a flipped home? Contact MortgageDepot for a personalized assessment of your financing needs!

Connect with one of our loan consultants for more information.

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