Why Buying A Flip Can Be A Flop
WFAA had a story about first-time home buyers. It did not go well. They bought a flipped house in North Dallas. It had it going on, or did it? It was great for the first-time buyers. It had all the cool stuff you would want. It was advertised “like new construction”.
Then it turned ugly. Floors wrapped to the point a roll of tape would move from the door to the opposite wall. One of the bathrooms was separated from the rest of the house with one corner of the house sinking. Signs of a bad foundation were all over.
So, now the young couple with a new baby were suing the real estate agents. They were the same ones that sold it to the couple. Then in about 24 hours after the New Buyers filed suit a brick came through the sliding glass door.
What are some lesson you can learn from this story. First do not call the agent on the sign that is selling the house. Find you a buyer’s agent to help you with the buying of any house. In fact, many people do not want you to bring the experienced eye of a buyer’s agent. The agent on the sign and For-Sale by Owner types hate an educated consumer to show up.
Second, I have been in many flipped homes. The most important issues are the bones of the house. Do not look at the barn doors leading to the bathroom or granite counter tops. Check out the water heater and HVAC. My team makes fun of my war stories. There was a home in Temple with half the vinyl in the living room not glued down. My client was ready to put an offer in on it. Better call one of us to help you.
Check out the WFAA story at http://www.wfaa.com/news/local/first-time-homeowners-sue-realtor-who-flipped-their-house/504342473