Don’t Be A Dolphin – Don’t Jump Through House Flippers’ Hoops
You’re stoked because you’re heading to an open house where the buyer has flipped the property. Word on the street is it looks good and you can’t wait to see it in real life. Who knows – maybe you’ll make a bid?
When you get there, everything is above board and looks fantastic. You’re at a loss – it’s almost impossible to figure out how they’ve done such a good job. Three cheers for the house flippers. Hip, hip, hooray!
It’s easy to get lost in the emotion of the event, but what a buyer can’t do is let the flipper dictate terms. Not everything is always as it seems, and here’s why.
Out Of Sight Isn’t Out Of Mind
The harsh fact is they haven’t done as good a job as it seems on first viewing. Instead, they’ve tricked the viewers into a false sense of security by focusing on the main things. The living room and the kitchen and the bathroom all sparkle, yet a lot is hiding under the rugs of each room. Usual suspects on the list include everything from the HVAC unit and boiler to the chimney and guttering on the outside of the house. As you might have guessed, the fixes aren’t cheap. Hit them with questions about specific areas of the house to get a better read.
The Documentation Is Old
Everything looks as if it holds up when they present you with the details, but what’s that at the top of the page? Oh, it’s a date which years old and has nothing to do with the integrity of the property now. Or, it might be a summer home inspection rather than a fall or winter. For obvious reasons, it’s essential to carry out checks at different times of the year to see if there are any seasonal flaws. A leak in the roof won’t show in the middle of July during a drought.
Flippers are downright ballsy and will let people look around their home and hope to God they don’t do any tests. Yep, that includes opening windows and doors and inspecting the wiring. The reason is they know there are issues and they don’t want to have to ‘fess up. They want out ASAP with as much money in their bank account as possible. Playing around with the features, even if it’s a little fiddle, can reveal a lot about the inner workings of the building. Go deep to get a true insight.
There Isn’t A Warranty
Flippers will say a warranty isn’t part of the deal because that’s not how the industry works. In truth, there is something to hide and they don’t want to be liable later. Anybody who argues sellers don’t offer warranties is lying. They are becoming an increasingly popular method to protect an investment, and you should ask for one. Their response will tell you a lot about the property.
Treat a house like a car – always check under the hood before signing on the dotted line.