Home buyers always need to have an eye out for shoddy renovation work and defect coverups before purchasing a home. But when it’s a “flipped†home they’re considering, it’s wise to be even more careful, making sure the investor didn’t cut corners while prepping the home for sale.
These days, a greater number of single-family homes are being flipped, or bought and resold within six months. In the first half of the year, flips were up 19% from a year ago and up 74% from the first half of 2011, according to data from RealtyTrac, a foreclosure listings website.
There is money to be made by investors who flip these homes, many of whom believe they can make better returns investing in property than in the stock market, said Daniel LeMier, a professional engineer who does residential engineering and foundation remediation work in Denver. After all, many markets are in need of housing inventory, and people who can rehab rundown homes can add to the for-sale stock.
READ MORE: http://finance.yahoo.com/news/buying-flipped-home-careful-100020680.html
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