Friday, May 30, 2014

Buyer Beware on Flip Purchases ~ Questions To Ask

We don't have as many anymore, but, when my writes an article reminding us about the cautions we need to take for buyers and sellers regarding a flip property....well, dang, I share!

Most investors have not lived in a property so their disclosures can be very vague. BUT, they should still provide information about the condition of the property prior to any repairs. AND, answer any questions you wish to ask!

This list is great and we should all memorize it ~

1) What was the property's condition when investor purchased?
2) Are there receipts from licensed contractors to verify the amount of money the seller spent?
3) Is there a list of what was done to correct each defective condition?
4) Were there defects that were not repaired?
5) What work was done by a handyman?
6) Were permits available for the work that was done, and what work was done without permits?

See, I told you they were good!!! Yes, you have a right to ask questions! Yes, sellers should certainly answer honestly! If they don' can get ugly after close of escrow!

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