Home Buying in Santa Monica>Question Details

Jenny, Home Buyer in Los Angeles, CA

I found a house that was flipped. The house is built in 1920, will the age of the home be an issue? and is buying a flipped home risky?

Asked by Jenny, Los Angeles, CA Sun Feb 12, 2012

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Answers

9
Good Morning Jenny,

My colleagues have been very thorough in answering your question. are you a first time home buyer? if so, keep in mind that there are conditions and contingencies set forth in the purchase contract that protect you and allow you time to inspect, research and gather all the information necessary to make the appropriate decision to either move forward and purchase the property . . . . or cancel and continue the search. There will always be something to fix or repair once you own a property but thats part of ownership. I work with a lot of first time buyers and would be happy to answer the many additional questions you may have to help you along with the process. I look forward to hearing from you and wish you well with your search.

Kindest regards,
robbie sikora
310.710.5214
Gibson International
0 votes Thank Flag Link Wed Feb 15, 2012
Hi Jenny,

You need to consult with an professional inspector for the condition and integrity of the house. You also may want to obtain city reports to see if there are any permits for the updates or additions. If you need professional guidance when buying flipped houses, short sales, REO's, or any other type, please feel free to contact me. Thank you.
Elizabeth
310-469-0500
0 votes Thank Flag Link Tue Feb 14, 2012
Hi Jenny,

So long as the property was "flipped correctly there should be no issue with the property. My advise to put your mind at ease though is purchase a home inspection from a private company that roughly costs about $250. They will do a thorough inspection of the property and determine if there are any problems.

If you need help getting an inspection done feel free to call me at 562-652-7667 and I will refer you to my home inspector.

Hope this Helps!

Jonathon Villaescusa
Realtor/Owner
Excellence Real Estate
Web Reference: http://ExcellenceDuo.com
0 votes Thank Flag Link Mon Feb 13, 2012
Jenny,
Purchasing any home presents opportunitues of joy and stress.
Joy - finding a home you love enough to make a purchase offer!
Stress - the untimate question..."What am I getting into?"
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Both are quite normal and predictable.
As others have counseled, take great care in selecting the pro who will inspect this home. Get verification this inspector has experience with vintage homes. Why? There is no point in adding unnecessary drama by calling every imperfection a defect. Older homes are older homes. Be in attendance for the inspection. Your agent should also. The agent will be involved should any corrections be required.
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Flipped homes. This only have relevance in regards to your financing. Some lenders require 'seasoning'. That means they specifiy how long the current owner must hold the property before reselling. Others may require evidence of material improvement before reselling at a significantly higher price. If your lender has these requirements, be aware, not all lender do.
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Flipping is simply turning a worn house into the house you want to buy. It is the investors who are doing this very thing that is the only hope of getting us through this crisis. Not the banks. Not the folks in DC. Just local folks putting their money into worn and damaged homes, making them sparkle and available to home buyers.
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Follow the advise of your real estate professional and take care to select the right inspector.
Best of success in acquiring our new home,
Annette Lawrence
Broker/assoicate
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Mon Feb 13, 2012
Hi, Keep in mind flipping homes is a business, there are no emotions attached to the renovation. So you can imagin corners could be cut and definitely look close t=at the quality of work. The goal is to do a quick fix on the home and get it b ack on the market so they don't lose any money. Haste makes waste. Just get a good home inspection.

Chris
0 votes Thank Flag Link Mon Feb 13, 2012
Buying any home carries a risk. I would HIGHLY recommend a home inspection with a qualified home inspector. We suggest a home inspection even with new construction homes. Good luck to you!
0 votes Thank Flag Link Mon Feb 13, 2012
Hi Jenny,

In addition to what have been said by my colleagues, ask for building permits and certificate of occupancy issued by your local town building department which has jurisdiction where the property is located.
These are public documents which should be available to the consumer.

Having said this, I am not sure how LA's town works. If pulling permits is a standard procedure in LA, a reputable builder or contractor will request for building permits and certificate of occupancy from the building department before he rebuild, replace, repair and add major structure in the property. A certificate of occupancy is issued by the building department official as a seal that the changes done on the property has passed the building inspection.

Best.

Maria
0 votes Thank Flag Link Mon Feb 13, 2012
Hi Jenny,
I agree with the previous answer..an older house could have more issues and need updating to the electrical, plumbing etc..
When it comes to a flipped property, it really depends on the integrity of that investor whether corners were cut or not, but a home inspection would reveal any significant issues.

Best,
Susan Bo'ur Realtor
Coldwell Banker Santa Monica
(310) 600-4240
0 votes Thank Flag Link Sun Feb 12, 2012
Hello Jenny,

The age of the home is not an issue as long as the CONDITION of the home is proper. After your offer is accepted you should hire a professional inspector, preferable someone with a Contractor's License that will conduct a thorough inspection of the home and give you a full report in writing with schematics and pictures. That way you can assert the actual condition of the home. If something is not up to your standards then you could renegotiate the purchase price or have the seller repair it. As to the issue that the house is a flipper, I can say it is not riskier than a regular home. You could ask the seller to provide you with a description of the work done and the contractors and subcontractors that made the repairs in case there are issues with their work after you buy it. A good agent will make sure you are protected.
George Salazar
Prudential California Realty
(323) 710-1770
0 votes Thank Flag Link Sun Feb 12, 2012
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