Buying a Flip Home – Some Things to Watch Out For
August 2, 2010 by Kristin LaVanway · Leave a Comment
Tour of 2967 E Franklin Ave – Nice-looking Flip House!
More and more listings are flip homes – homes that have been purchased by investors – often at the Trustee Sale – then quickly sold for a profit. Although some of the homes reflect the expertise of the flipper investor, such as this Lyon’s Gate beauty in Gilbert, AZ, buyer’s should always be aware that profits come first to the investor.
This home in Lyon’s Gate was purchased by an investor at the Trustee Sale. He has done a great job of making this home show like a model. But some flip investors get in over their heads, especially since homes purchased at the Trustee Sale are often purchased site unseen. The investor may cut corners to maximize profits and you may not realize the problems hiding behind the fresh paint, new carpet and granite countertops.
Flip homes can be a bargain – it can be like buying a foreclosure with all the fix-up already done. But take your due diligence seriously to make sure that serious problems have been addressed and you don’t have any expensive surprises awaiting you in your new home.
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have teamed up with Dean Ouellette to form the East Valley Team - the best darn team in the Valley. Check out our site at http://www.EastValleyTeam.com. I spend way too much time on YouTube - check ou tmy channel at http://www.youtube.com/klavanway
