Fresh paint sounds like an automatic positive selling point. In many cases it certainly would be. But, as a buyer, there is one time when new paint may not be your friend.
Flips...you know, investor quick sales.
No, this is not an accusatory post.
Rather, consider it as a cautionary post.
As a general rule sellers disclose and buyers verify. But very often investors are quick to point out they have "no disclosure because seller never lived in house."
Still investors should know if they previously repaired a leak in the roof, had an AC issue or whatever if there were tenants in place for any given time.
And with a foreclosure sellers may have idea of previous issues based on the condition when purchased.
So when buyers walk into a new foreclosure flip, the new paint will look clean, the plumbing fixtures and the like will be new but what about any underlying issues.
That is the reason I always urge buyers to have a property inspection performed.
While a property inspector may not be able to tell a prospective buyer what is behind the paint they may be able to tell if moisture is present. And they do a lot more!
Here are a few more articles on buying a home.
Flips...you know, investor quick sales.
No, this is not an accusatory post.
Rather, consider it as a cautionary post.
As a general rule sellers disclose and buyers verify. But very often investors are quick to point out they have "no disclosure because seller never lived in house."
Still investors should know if they previously repaired a leak in the roof, had an AC issue or whatever if there were tenants in place for any given time.
And with a foreclosure sellers may have idea of previous issues based on the condition when purchased.
So when buyers walk into a new foreclosure flip, the new paint will look clean, the plumbing fixtures and the like will be new but what about any underlying issues.
That is the reason I always urge buyers to have a property inspection performed.
While a property inspector may not be able to tell a prospective buyer what is behind the paint they may be able to tell if moisture is present. And they do a lot more!
Here are a few more articles on buying a home.
- Cheat Sheet for Home Buyers
- Buying a foreclosure - Due Diligence is Required.
- If its a defect, its a defect!
- Contract to Closing in 20 Steps.
- Keys to a Successful Closing When Buying a Home in Florida
