With regard to investors, the Santa Clarita Valley experienced their pull back toward the end of summer, only now seeing the beginnings of a shift from a sellers to a buyers real estate market.
However, when viewing real estate, there are reasons why you are going to want to know, whether or not, the home, condo or townhome you are viewing is a flip.
“Flip” – a property that was bought via standard sale, auction, short sale, or as part of a bulk sale that is remodeled, updated, or just placed back onto the real estate market, in a very short time period, at a higher price than originally sold.
First – there are certain loans that will not allow you to finance a property that is being flipped unless the property is in the new owners, “investors”, name for 90 days.
When buying Santa Clarita Valley real estate it is a great idea to find out if a home is a flip. Often people flipping houses pay much less attention to detail than owners who actually lived in a home for a while would, for example. While you will most likely include an inspection objection in your contract to buy a particular home you may want some more pointed questions if you are aware that the home is a flip.
If the home you are buying is a flip a good place to start is finding out who did the repairs and remodeling. If the owner did them and the owner is not a builder or an experienced carpenter you may want to ask for specific work that was done, including utility work, and whether permits were pulled to complete the work. While not all do-it-yourself projects are faulty it is a good idea to make sure the job was done right.
Sit down with your REALTOR® and make sure that you are choosing an inspector that is experienced and has a good reputation. An experienced inspector should know exactly what to look for in a flipped home. A flipped home does not mean it is a bad home to invest in, it juts means you have to open your eyes a little wider.
This is sage advice from the REMAX’s Paris911 Team of local SCV Realtors. Please reach out to us when you are ready to have a sit down in our offices to discuss your real estate plans.
Even if your plans are several months away, it is not a waste or our time, nor a waste of your time.
We cover many topics related to real estate that will keep you safe from harm when you are embarking on the home buying/selling process.
Furthermore, we love to meet with both buyers and sellers in our offices. First, this shows you we are not working out of “whack a mole” type cubicles and have a real established real estate business with a staff and a team of Seasoned buyers and sellers Realtors. Second, this gives you a chance to see if we are a good fit for you and visa versa.
BTW, I meant no offence to the agents that don’t have actually offices and work from home. There are some stellar realtors in those circles and some I’d trust with my real estate dealings.
We are just a bit different in :method” than most real estate agents and it has proven to be of the greatest benefit to our real estate clientele.