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Your original post got me interested in revisiting the neighborhood that I referenced in my post.
Lo and behold, there is a house listed, the first in a long time in this multi-flipped neighborhood, and I know the guy. He lived with his very elderly parents, who must have finally died, which is what he said he was waiting for, years ago. The house was listed on February 22 and went pending 3 days later. even though it's a wreck & he's asking a outrageous sum for it. The house "needs repairs & is being sold as is", that's all true, but an understatement.
I'm going to closely follow this transaction & report back.
I'm waiting for the "open floor plan", gray walls, SS appliances, LVP gray floors, aka lipstick on a pig.
That is what people want it seems, decor wise. So they are putting in the work to do what buyers want, or will accept. No flipped house is going to be perfect.
I have an older house that may be considered a pig. I keep it well maintained but never did the tear out HDTV cheap update thing. I like the look of the real woodwork and the little quirks and character it has. But that's me.
That is what people want it seems, decor wise. So they are putting in the work to do what buyers want, or will accept. No flipped house is going to be perfect.
I have an older house that may be considered a pig. I keep it well maintained but never did the tear out HDTV cheap update thing. I like the look of the real woodwork and the little quirks and character it has. But that's me.
No, I'm talking about serious structural defects being covered up with cosmetic elements. The house in my example is in a neighborhood of houses with a reputation for seriously cracked foundations which have effected the structural soundness of the building.
No, I'm talking about serious structural defects being covered up with cosmetic elements. The house in my example is in a neighborhood of houses with a reputation for seriously cracked foundations which have effected the structural soundness of the building.
You can't cover up a cracked foundation with paint. A seriously cracked foundation should be able to be observed by the buyer and certainly by an inspector regardless of what the flipper has done.
I think the cosmetics are mostly just for aesthetics, and yes when they take out the old I'm sure they find issues behind and underneath things and just replace what was there with new shiny cheap materials.
I saw the siding guys doing the flip house here cover up moss and mushroom clusters on the bottom of the house with insulation panels and more siding. Gross. That is not something anyone would know and may not cause a big issue but it's a sign of the negligence. There were issues with other contractors too. I have a new disdain for this practice of house flipping.
I gotta go with buyer beware on the flips, like extra beware. I don't like when flips sell at market price, they are always cheaply done, compared to a home lovingly cared for by an owner over years.
You can't cover up a cracked foundation with paint. A seriously cracked foundation should be able to be observed by the buyer and certainly by an inspector regardless of what the flipper has done.
I think the cosmetics are mostly just for aesthetics, and yes when they take out the old I'm sure they find issues behind and underneath things and just replace what was there with new shiny cheap materials.
I saw the siding guys doing the flip house here cover up moss and mushroom clusters on the bottom of the house with insulation panels and more siding. Gross. That is not something anyone would know and may not cause a big issue but it's a sign of the negligence. There were issues with other contractors too. I have a new disdain for this practice of house flipping.
I gotta go with buyer beware on the flips, like extra beware. I don't like when flips sell at market price, they are always cheaply done, compared to a home lovingly cared for by an owner over years.
Regarding paragraph #1, yes, I know this & I am telling you, the flipped houses with foundation issues are being sold at & above full market value.
I gotta go with buyer beware on the flips, like extra beware. I don't like when flips sell at market price, they are always cheaply done, compared to a home lovingly cared for by an owner over years.
A quibble with this ^
As someone who walks a LOT of houses, new, old, flipped, not flipped, loved, not loved, buyer beware is ALWAYS the best advice, and I don't think one more than any other. Just be alert and mindful of what you see.
We've walked through many many old homes with NO work done on them (it was always good enough for me!)
We've walked though many homes that were well loved with lots of hubby-does work on them, of varying skill. Lots of homeowners think they can build, or do wiring, or plumbing. They may love doing it, but that doesn't make them skilled.
Flippers are, at least usually, using licensed tradesmen to do the work, often get all the permits that homeowners don't bother with on their own projects, and while they're working, they can be 100% sure that someone WILL be inspecting their work in the very near future if it's being fixed up to sell. That should make them a little careful.
Yes, we see good and bad craftsmanship with flips. We see mostly builder-grade materials used unless it's a higher-end price tag that warrants hardwood and real stone. But we don't see WORSE problems with flips than with any other house. Owners don't necessarily have or want to spend money for high end finishes on their own homes, either. They may have been doing their own fairly shoddy work on the house for the last 20 years.
Most flips fix things that are quite visible and easy to inspect, like roofs and paint, but as you said, foundations can still be inspected, flipped or not. Rot is still evident to a trained eye with the right tools. Ignored problems are usually no better, but also no worse for the house having been repainted.
I don't worry more about flips. They aren't the problem. They're often the solution to problems that many buyers don't want to have to deal with. If they do... those buyers can find their own fixer house.
I gotta go with buyer beware on the flips, like extra beware. I don't like when flips sell at market price, they are always cheaply done, compared to a home lovingly cared for by an owner over years.
I don’t wanna belabor my point above but I just happened on this picture and found it amusing :-)
A pipe repair done with a Mountain Dew can and cling wrap. This is stuff flippers don’t do… Tinkering homeowners who don’t want to call a pro out do this. :-)
Last edited by Diana Holbrook; 03-07-2024 at 02:38 PM..
Maybe I'm being overly sensitive, but I've developed an eye for listings where the owner bought the house very recently for very cheap, did some sort of improvement on it, if you can call it that, only to list it for double. The description is what gets me because no wise person would touch that home. I often look up the online county info and find more to the story in regard to ownership history. Descriptions that say,
"Clean slate for you to renovate"
Just because they tore up the walls kitchen and carpet and priced like a regular home? I get to repair this f up?
"Great investment opportunity won't last"
On the market several months and obviously a failed money pit.
"Don't disturb the tenant"
Really, are people showing up to this dangerous looking house with one photo and nothing else in the description?
I wonder if some of these listing agents are high or how they can be so out of touch with potential buyers. I personally stay far away from a home that's been used as an investment property because usually the residents didn't take care of it and the owner is just making a fast buck. I wonder who are the agents who represent these people? Are many non agents listing on the MLS?
ok so you avoid those homes/ads...........why start a thread about it?
Me: "I don't look at craiglist ads for homes" I think they are all a scam but I didn't start a thread about it.
A house recently sold nearby, its a mansion on 4 acres of oceanfront land. The last TWO owners held it a couple of years and sold for a 7mm +/- profit EACH! No major improvements and it just sold a couple weeks ago for 27mm! Buyer was a neighbor, he said he will likely knock it down and sub-divide into 2 lots and build a pair of new spec homes.
So you are outraged at flippers doing small changes, yet this home has been a profit maker and no changes and the latest guy is just knocking it down! If you got the money, do what you want and that's what makes America great!
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