Buying a Flipped Home: Ask These Four Questions First! - MortgageDepot

Abstract

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. 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. If the permits you find and the remodeling work you see don't match, pass on this particular home.