Sunday, January 3, 2010

Fix & Flippers Stink! (an opinion piece)

I’m sick to death of fix and flip homes in the MLS with this commentary - “No SPDS or CLUE as seller never occupied the home.”

Listen up investors! I call bullsh!t on that.

I don’t care whether you lived in it. I care about all the work you just did to it.

Investors, you just pulled the house apart and put it back together, so you know all about it. If you’re unwilling to tell what you know, I’m suspicious that my buyer is purchasing a problem.

Attention flippers who advertise the home as “freshly painted inside & out!” My buyer deserves to know if there were water stains on the ceiling and how you fixed the leaks. If you won’t tell, my buyer and I are left to suspect you didn’t fix the leak and just painted over the stain.

Attention flippers with MLS ads that shout “new roof and A/C!” You know whether you installed all new shingles, or just patched the trouble spots. You know if the new A/C is truly new or just a black market bargain pulled out of a foreclosure home somewhere else in the Valley. Yes, my home inspector can investigate and speculate. But if you leave my buyer and I speculating, we’re liable to speculate that you’re selling a house that belongs in the movie The Money Pit.

Investors who pull the No SPDS, No CLUE trick - you suck. And now you’re all on notice: If you get an offer from my buyer clients, you’re getting an offer that says, “yeah we’ll give you the price you want but you’re giving us a SPDS or we’re walking.”