There are investors who buy homes that need TLC for low prices and fix them up and sell them for a profit in short time.
Some of these investors do the work themselves and some hire contractors. The homes can be a great bargain sometimes for buyers who do not have resources to fix homes and the homes may be listed at a low price compared to other homes in the area. However it is important for buyers to do due diligence.
The seller may not be aware of defects if it was purchased from a bank at foreclosure auction. Some sellers only do cosmetic repairs. Sometimes repairs may not have been done upto code and may not have permits.
The most important thing to do when you buy a home is to get a home inspection .
Ask the seller to show you permits for all work that was done.
Ask if there is any warranty for any of the work that was done.
Get title insurance and make sure there are no mechanics liens.
There are some buyers who see a house with new paint and new carpet and new floor and think everything is new and want to make an offer on the house right away. They overlook a house in the same community that has new heater, airconditioner , roof and windows if the house needs paint and new carpet.
Buyers should get estimates for all the things they would need to do when they buy a house and then decide on a house and not base it just on paint and carpet.
When you buy a flipped house, get a home inspection. You may also want to talk to the neighbors.
Yes there are good opportunities for buyers and you can sometimes buy a house that is ready to move into.
When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email firstname.lastname@example.org
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.