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I'm interested in a flip house that has been cosmetically updated but I just got the disclosure and they don't know the age of roof, wiring, septic, etc. I understand that the inspection would tell me a lot and I get that a foreclosure might not have paperwork for the buyer. There's another owner occupied house that has a new roof, windows, septic, hot water heater but is an aesthetic mess. It's also 40k cheaper than the updated house and has a extra 1/2 bath but a crawl space instead of a basement (northeast Pennsylvania).
Is the unknown dates irrelevant unless the inspectors tell you that you should replace or repair?
How would a seasoned buyer value the homes?
I'm interested in a flip house that has been cosmetically updated but I just got the disclosure and they don't know the age of roof, wiring, septic, etc. I understand that the inspection would tell me a lot and I get that a foreclosure might not have paperwork for the buyer. There's another owner occupied house that has a new roof, windows, septic, hot water heater but is an aesthetic mess. It's also 40k cheaper than the updated house and has a extra 1/2 bath but a crawl space instead of a basement (northeast Pennsylvania).
Is the unknown dates irrelevant unless the inspectors tell you that you should replace or repair?
How would a seasoned buyer value the homes?
I would MUCH rather have new "guts" than new accessories.
Wiring, windows, roof and septic are incredibly expensive and difficult to change once you own a home. New flooring, cabinets and appliances pale in comparison.
Be wary of flips in general, and be smart about taking on old systems if you are an inexperienced homeowner.
Location: Stuck on the East Coast, hoping to head West
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I would not buy a flipped house. Fresh paint and new flooring can hide a lot. I don't know about the inspector knowing the age of the roof, but he/she should be able to guesstimate the life left. Personally, I hire my own plumber and electrician to look at potential houses.
The flipped house has a basement? I'm guessing no info on that, either? I'd pass.
I would MUCH rather have new "guts" than new accessories.
Wiring, windows, roof and septic are incredibly expensive and difficult to change once you own a home. New flooring, cabinets and appliances pale in comparison.
Be wary of flips in general, and be smart about taking on old systems if you are an inexperienced homeowner.
I'm leaning towards the same thing. My dad is very handy in the things the cheaper house needs but has no experience with the guts. I'm thinking that the 40k would be more than enough for me to get it more pleasing since I won't have labor costs. Only drawback is it'd be oop instead of part of the mortgage but I guess so would the guts. Am I allowed to link the two houses for better feedback? If not
House 1- move in ready, sold summer 2016 for 48k, recently listed for 99k. Aesthetically pleasing but on disclosure checked no knowledge of the insides. 3 bedroom/1 bath and basement
House 2- newer insides, 55k, ugly brown outside, ugly cabin inside, lots of brown wood panels, linoleum. 2 bedrooms/1.5 baths, crawl space.
It's only me and maybe my dad once his wife dies so 2 bedrooms is ok and I'm not planning on moving so I'm not super concerned with resale value.
I would not buy a flipped house. Fresh paint and new flooring can hide a lot. I don't know about the inspector knowing the age of the roof, but he/she should be able to guesstimate the life left. Personally, I hire my own plumber and electrician to look at potential houses.
The flipped house has a basement? I'm guessing no info on that, either? I'd pass.
The basement has a sump pump and they checked no on having knowledge of any issues down there.
"Aesthetics" are much easier and less expensive to change and can be customized to your needs and tastes. Having the major systems updated/upgraded is a huge plus imho. I would go for house #2 in an instant before buying someone else's cheap cosmetic additions. Besides, when you make your own cosmetic choices, you can find the best and sometimes cheapest sources for quality materials, such as Habitat ReStore. Why pay more for big box stuff when you can get quality vintage materials that will better suit the style and age of the house?
I find it hard to believe they don't know when the roof etc., was updated; however, if they purchased as a foreclosure that would make sense. If they bought it from someone then they should know. If you like it then pay for an inspector to come out. They will know the age.
I'm interested in a flip house that has been cosmetically updated but I just got the disclosure and they don't know the age of roof, wiring, septic, etc. I understand that the inspection would tell me a lot and I get that a foreclosure might not have paperwork for the buyer. There's another owner occupied house that has a new roof, windows, septic, hot water heater but is an aesthetic mess. It's also 40k cheaper than the updated house and has a extra 1/2 bath but a crawl space instead of a basement (northeast Pennsylvania).
Is the unknown dates irrelevant unless the inspectors tell you that you should replace or repair?
How would a seasoned buyer value the homes?
Aesthetics are a want and systems are a need.
Sounds like a lipstick on a pig flip if they didn't touch any of the truly important items.
Also, there's zero chance the flipper doesn't know the approx. age/condition of the roof.
Ditto. I fixed up my entire upstairs for less than the cost of a furnace. Guts first.
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