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Old 04-29-2019, 03:11 PM
 
Location: Chicagoland
1,718 posts, read 1,584,969 times
Reputation: 1549

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I just missed out on a home that I later found out had an extensive reno by a flipper. It took many hours online to figure it out, our realtor didn’t disclose it if she knew. I couldn’t find much on the two flipper/owners other than mylife which is sketchy at best. It appears the listing agent was also a co-owner of the property, working with a flipper?

Obviously a flipper is out to maximize profit, nothing wrong with that, but that could give them an incentive to do anything that looks good without much regard for materials or workmanship. And references and info on flippers can be a lot harder to find than info on established construction or even reno firms. I’m sure there are good and bad flippers. I just wish listings disclosed when a house was flipped vs a typical homeowner.

That said, there’s no guarantee that a homeowner used a reputable reno group, or even did DIY job(s) they weren’t qualified for. You may/not see that either.

At any rate I guess you have to rely on your own findings and the professional inspection to know.
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Old 04-29-2019, 03:42 PM
 
Location: Rochester, WA
4,922 posts, read 2,757,870 times
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As you say, there are good and bad flippers.

The good ones do a great service for buyers who have neither the skill or the cash flow to do renovations themselves. They often take gut-jobs and foreclosures that need a lot of work and make them finance-able so average buyers can buy them. That's a good and needed service! And there's a good and honest buck to be made doing it.

The key is determining whether you have a good one, not so much by looking them up on social media... but rather.... take a very close look at their work, with a keen eye for the details, and a good home inspection.

Your agent should have been able to tell, and many of the real estate sites will show, whether a place was sold before in the recent past, sometimes with the pictures of how it looked then. It is not difficult to find out.

I don't steer clients away from flips at all, unless I can tell there has been shoddy work or big problems that have not been adequately remedied. They can be great opportunities for buyers to get a newly renovated home.
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Old 04-29-2019, 03:56 PM
 
77 posts, read 47,577 times
Reputation: 129
No
I am leary of the repairs and rehab. Not to mention, most flipper style is obvious and
without character.
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Old 04-29-2019, 04:15 PM
 
3,500 posts, read 7,577,293 times
Reputation: 4322
Quote:
Originally Posted by Maki_Chicago View Post
No
I am leary of the repairs and rehab. Not to mention, most flipper style is obvious and
without character.
I lend on a TON of flips in Portland and my life is a blur of turquoise, gray and white. It's all the same.
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Old 04-29-2019, 04:20 PM
 
Location: Chicagoland
1,718 posts, read 1,584,969 times
Reputation: 1549
Quote:
Originally Posted by Maki_Chicago View Post
No
I am leary of the repairs and rehab. Not to mention, most flipper style is obvious and
without character.
While I wonder if itís a good flipper or a bad one, thereís nothing to guarantee a precious homeowner didnít use a sketchy reno company on the cheap, or he/she didnít DIY a major job with an equally unqualified in-law. You canít always tell with a casual look.

And where I am, a buyer loses the due diligence fee which is around $1000 or more if the buyer backs out for any reason including inspections. Seller pockets due diligence almost no matter what...
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Old 04-29-2019, 06:09 PM
 
Location: North Idaho
22,014 posts, read 27,821,851 times
Reputation: 42095
Would I buy from a flipper? Maybe. It depends upon the location, the floor plan of the house, and the quality of work that the flipper did.


Generally a flipper takes a real wreck and renovates so good job or bad job they improve the neighborhood that they have worked in.
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Old 04-29-2019, 06:20 PM
 
Location: Florida -
8,718 posts, read 10,636,704 times
Reputation: 16464
No direct experience w/flippers. But, in watching the flip/sell TV shows, it looks like a lot of cover-up or real potential issues with paint and tile. I may be wrong, but, would probably back off if I knew the seller was a short-term flipper.
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Old 04-29-2019, 06:46 PM
 
Location: Rochester, WA
4,922 posts, read 2,757,870 times
Reputation: 13768
Quote:
Originally Posted by jghorton View Post
No direct experience w/flippers. But, in watching the flip/sell TV shows, it looks like a lot of cover-up or real potential issues with paint and tile. I may be wrong, but, would probably back off if I knew the seller was a short-term flipper.

Long-time homeowners don't have more skill or money necessarily. There's plenty of Homeowner Bubba-Does work out there. In my experience, shoddy or covered up work is not more or less likely at flipped homes as anywhere else. That's why we hire good home inspectors.

Exceptions - hopefully - at higher end homes where usually at least they hired the work done by someone who was more likely to be a professional. Maybe.
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Old 04-29-2019, 06:51 PM
 
215 posts, read 48,298 times
Reputation: 502
My wife and I bought the present 1960 model home that we live in, as our last home. It was "flipped" before the couple moved in to it, that we bought it from. Just realize that if a investor/flipper renovates every aspect of the whole house they buy to top notch, they will not make enough profit to keep them in business very long.

So many will do as the flipper did to the home we live in. He installed all new windows and doors, interior woodwork, paint, moved a wall to make a open kit/dining rm, all new kitchen, porcelain floor tile, new bath cabinets/mirrors, refinished hardwoods, poured a new two car driveway, new 22' x 16' concrete patio.

All projects where the buyer will SEE the new and attractive components installed. And a lot of money, he invested, so he had to stop. And he stopped where the buyers eye would not go or most would not think about.

So he left the homes old exterior walls un-insulated. Did not upgrade the 1960 electrical service or any of the homes 1960 interior electrical wiring(just put all new switches and receptacles in) . He left all the old cast iron and steel piping drains in it. He left all the homes 1960 galvanized water lines in it. He left the homes main galvanized water line to the city water meter in place, that was partially clogged. He left the 1960 chipped,white steel bath tubs in it and "dusted" touch up paint on them. He left the 15 year old gas furnace in it.


So anyone that is considering buying a "flipped" property, had best get the BEST home inspector they can get to inspect the property. Because the house will have some corners "cut" on it somewhere. If it does not, then IMO the flipper either got the property for a bottom dollar steal, or they renovated everything top notch and they will NOT, be smiling while going to the bank on closing day.

JMO
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Old 04-29-2019, 06:52 PM
 
2,561 posts, read 968,818 times
Reputation: 5068
"would i?"
only after extensive face-to-face negotiations.
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