Some other consumer ideas about "flipped" homes

In continuing my thoughts from yesterday regarding looking at a home that may be a quick "flip"- the expression "quick and dirty" might have been invented to describe some of the methods used in turning properties around for resale. Not to say that all or even most investor rehabs are shoddy, but it is something to bear in mind if you are interested in buying a home you suspect may be a flip.

This is the time for a really thorough home inspection. Pay extra if necessary to have the inspector crawl through the attic, basement, and crawl spaces. You want to know one important thing.

Did the seller merely put lipstick on a pig?

Have problems been repaired or just covered up? New spray paint made especially for the purpose do a good but temporary job of covering scarred and stained laminate countertops but those stains will be back within months. Wallpaper can camouflage crumbling plaster or water stains from ice dams or leaking siding.

Insist that the inspector pull the electric box to check for problems (corroded connections, aluminum wiring). Ask if he seems any evidence of water intrusion in the basement or attic or if there is any sign of insect or fire damage. If necessary call out a separate expert to check the condition and efficiency of heating and air conditioning systems.

Are the appliances new? If so are they of reasonable quality and with a factory warranty? If they are not new, are the heating elements working; the dishwasher tub relatively rust free; is the energy rating one that won't break the bank?

Carpeting and resilient floor coverings can be new and still be a piece of garbage. Cheap carpeting will not hold up and will be unpleasant to walk on barefoot or for a baby to crawl on. Inexpensive vinyl floor coverings do not always adhere properly, may tear easily, and often quickly lose shine and stain resistance.

It is just another reason to work with a Realtor that you know and trust.

There is nothing intrinsically wrong with a flip. Many investors do a fine job of returning distressed properties to useful life and there are many good deals out there right now. Just know what you are buying, go for a bargain if that appears appropriate, and don't be blown away by a slick job of cosmetic repair.