Dave Your Home Inspector

The market of the past few years has been a great opportunity for people who flip homes.  If you are not familiar with the term, here is the definition according to Wikipedia:

Flipping is a term used primarily in the United States to describe purchasing a revenue-generating asset and quickly reselling (or “flipping”) it for profit. Though flipping can apply to any asset, the term is most often applied to real estate and initial public offerings.

In the current market there are an abundance of homes that have been foreclosed on, many of which are inpoor condition.  Many of those homes are purchased for a nominal amount by a Real Estate investor with the intent of investing time and money to turn around and sell the house for a profit.  Many times this process is done in a few weeks. 

Don't be fooled by a little 'lipstick'!

As with anything else, there are some people who go about this in the right way, and some others who don’t.  It isn’t necessarily because they are trying to rip somebody off.  Sometimes they just get in over their head.  They bit off more than they could chew.  That is when things can really go south.

It costs more to do it right so corners get cut.  To coin a phrase from Mike Holmes, ‘somebody slaps a little lipstick on it’ and it’s good to go.  The furnace that sat under water for two weeks is dried out and put back in service.  The dark stains on the bottom of the floors above the basement are ignored and a new ceiling is installed.  The wiring in the electrical panel looks like a bird nest.  How can this be stopped?

One way to avoid this happening to you is to hire a home inspector before you buy any house.  Sometimes it is almost impossible to spot the issues because they go to great lengths to cover things up but there are usually some tell tale signs.  My question is: why wouldn’t someone just spend that time and money to fix it right?  It doesn’t make sense to me.

Feel free to comment on this post.  What are your thoughts?

David Novalinski Sr.

About Your Home Inspection, Inc

847 669 9040

If you are putting a contract on a house there should be a contingency provided to allow for a home inspection.  This holds true even if you are purchasing a home listed ‘as is’.  An inspection gives you an idea of the true condition of the home you are buying.  It doesn’t matter if the seller is willing to fix things or not, it is beneficial for you to know exactly what you are getting into!  There are many issues that may be uncovered during an inspection that may not necessarily kill the deal, but may require some planning and extra cash outlay for the buyer.

Some of those issues are:

• Foundation cracks
• Structural defects
• Attic problems (i.e. insulation deficiencies, moisture, ventilation, animals)
• Improper operation of mechanical equipment (i.e. Furnace, water heater, AC)
• Electrical deficiencies
• Outdated plumbing

Knowing these problems exist can help you make a more educated decision about the property you are about to buy.  As I stated earlier, you may not change your mind about buying the property, but it may change your approach after the sale is final.  Don’t you think that would be a benefit?