Question:
“Is there anything to know about buying a house that a flipper fixed up?”
Answer:
At least a couple of things…
- Most flippers do work to appeal to the visual sense and to some extent smell and touch. So they remodel, repaint, put in new carpet and landscaping, etc. They rarely update things like plumbing, electrical, or an old roof. Be sure to have a home inspection and don’t expect the home to be as perfect as it looks.
- Well after closing, you will get two “supplemental property tax bills.” When a home sells, the county tax assessor is supposed to immediately reassess it at the new price. But it takes them months to catch up and send a bill (in some cases a refund) for the time from closing until they caught up and reassessed it. If the flipper paid more than the previous owner, you’ll get a supplemental bill that the flipper must pay–per contract. You will also get a second supplemental bill for the increase from what the flipper paid to what you paid. Be sure to contact your agent or the flipper directly to ensure they pay this bill.
Hope that helps.
