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Is there anyway I can tell for sure it's a flip? Sale records show the house sold for 300 something 2 mths ago. Now the house is for sale for double that, and it is empty and NEWLY renovated. Is it safe to assume it's a flip? Is it a bad idea to buy a flip? My gut tells me it is.
I rather not say where the house is, but just that it's in the Town of Huntington.
What other things could be an issue if it is a flip? What about dust/debris/lead paint dust, etc since it was newly renovated? I have a young child so this absolutely concerns me.
I do not see any harm in buying a flip, just do your homework, get an inspector in there to check things out before you buy. The inspector can check for lead paint etc.
Quote:
Originally Posted by Glad2BHere
Is there anyway I can tell for sure it's a flip? Sale records show the house sold for 300 something 2 mths ago. Now the house is for sale for double that, and it is empty and NEWLY renovated. Is it safe to assume it's a flip? Is it a bad idea to buy a flip? My gut tells me it is.
I rather not say where the house is, but just that it's in the Town of Huntington.
What other things could be an issue if it is a flip? What about dust/debris/lead paint dust, etc since it was newly renovated? I have a young child so this absolutely concerns me.
Some flippers cut corners, some flippers are handy hanks with no formal training, others are professionals and know what they're doing.
You know they are looking to make money when they sell -- the question is how much was sunk into the house in mechanicals, structural, all the stuff you can't see vs how many visible shiny new things they used to dress it up to pull the buyer in.
IMHO no one should buy a house without an inspection - old or new, makes no difference.
How much "fixing up" was done? Do you know who did the rehabbing on the house? If you want, I'll try and find out for you.
Could have been a bank owned property that a builder bought and fixed up - better than some "handyman" who doesn't have the same knowledge and/or resources; of course there are always exceptions!
Any contractor who is flipping in this market is most likely a very good contractor who does the right thing. In the height of the market, everyone was flipping taking shortcuts and slapping things together.
Sounds like a flip to me. There is really nothing inherently wrong with a flip.
As the other poster said - go with your gut.
The inspection will reveal all.
Good luck!
Some flippers cut corners, some flippers are handy hanks with no formal training, others are professionals and know what they're doing.
You know they are looking to make money when they sell -- the question is how much was sunk into the house in mechanicals, structural, all the stuff you can't see vs how many visible shiny new things they used to dress it up to pull the buyer in.
^^^ - this. The inspection will not reveal all, inspectors are not ripping into sheetrock to see what lies beyond - such as is there a mold problem in the bathroom, is there an electrical problem, is there enough insulation, etc.
If you think it's a flip and they cut corners, run away.
I'm pretty sure I know exactly which house your taking about, and yes it is a flip, quality is hard to determine. ( I hate what they did with it. )
It all depends on how much money you invest in the renovation. In general more money = quicker turn around.
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