What is a flipped home? A flipped home is a home that has been purchased, renovated/remodeled, and listed for sale at a higher price than what it was purchased for. You will find that a lot of flipped homes are purchased by investors who buy cheap properties to fix up then sell for a profit. While there’s nothing wrong with buying a flipped home, you may not realize a lot of “flippers” are eager to get this job done and move onto the next house so their work may be rushed and sub par. So, before you buy a flipped house, consider these things:

Learn all you can about the flipper – every flipper has different qualities of workmanship. There are few quality flippers and many many bad flippers. When consider buying a flipped home, have your Realtor ask:

• If this is the first home they’ve flipped.
• What contractors they’ve used.
• What materials were used.
• Exactly what was done.

Good flippers have been in the flipping business for a long time so their reputation precedes them; ask around the neighbourhood, if needed. Good flippers have nothing to hide and will be able to provide proper disclosures, permits, documentation, and warranties.

Get an inspection – as with any other home purchase, get an inspection. Buying a home is the most expensive purchase most people make in their lifetime, therefore, take the time to make sure it’s worth it. Even though it’s a newly renovated house, get the work checked out. Flipped homes are usually not occupied by the flipper, so, they are unlikely to know about any defects or problems with the home. Have an inspector check the house from top to bottom.

Research the prior condition of the flipped home – Many flipped homes were bank owned/foreclosures prior to being bought/flipped. When a home was owned by a bank it was most likely unoccupied for a long period of time before being purchased. Unoccupied homes can have hard to see problems such as burst pipes, moisture leading to mold, etc.

Check for permits – Check with the city to make sure the contractor took out permits for all major work (electrical, plumbing, HVAC, structural, etc) that was completed.   If permits were pulled, were they all signed off on by the city?  If so, make sure to ask for copies of these permits from the building department. If you don’t get them, that could be a red flag. Any permits taken out or applied for and signed off on are on public record. Never close on a house unless all permits have been cleared. If you close on the property and the work performed was done so without a permit, the city could  was require you rip out the unpermitted work and do it over with the proper permits, which could be a huge expense.

If you’re thinking about buying a flipped home, be cautious. Contact us if you have any questions!

It’s closing time!  Signing is supposed to happen a few days before the actual closing date.  

Closing location is usually at the title company chosen by the buyer. Mobile notaries are also being utilized but some title companies will charge you for this service. Closing will not be set until the Buyer’s lender issues a clear to close (CTC) loan approval and docs have arrived at the title company.

Once closing is scheduled, we recommend calling to confirm your movers one last time.  Make sure they have the proper sized crew and truck to efficiently complete the move.  Most closings take approximately 1 hours but can take longer. While moving on the same day of closing is not recommended, if you are moving on the day of closing please be sure to give yourself enough time to complete the closing before you need to meet your movers.

A few important reminders for closing:

1. Bring your photo ID with you (ideally a driver’s license or passport)
2. Bring your checkbook (just in case)

The sellers are not present at closing as they have pre-signed all of the documents. Before you go to closing, call the Title company to verify the address.  

A note about spouses who are not on the mortgage loan:

Even if your spouse is not on the loan, most of the time your spouse must sign the mortgage to waive homestead rights (providing certain protections from creditors). Talk to your lender if you are divorced or getting divorced. You may need to bring additional documentation, such as a divorce decree. Even if your spouse is not on the deed, for a home, your spouse usually must sign the deed to release homestead rights (providing certain protections from creditors).

During closing make sure you understand how and when the taxes get paid.

 You’ll also receive a copy of the Closing Disclosure.  Hold on to this! You’ll need it next year when you prepare your taxes.  

With this great weather upon us, it’s time to get hiking.  Here are some of my favorite trails.

1.  Deem Hills: right in my backyard in Stetson Valley.  Located at 51st Ave and Happy Valley.  Fairly new, and there are 3 main trails.  The Ridgeline, goes to the top of the mountain and runs 1.45 miles.   It has excellent views to the north and west including of Ludden Mountain. The Ridgeline Trail can be strenuous so exercise caution.  The Palisade trail at 1.53 miles utilizes the water reservoir road to the east as it twists and turns through the interior.  The shortest trail, Basalt connects to the Ridgeline, Palisade, and Circumference trails providing quick shortcuts to each at only .64 miles in length.  Rattlesnakes are common so use your best judgement.  Also, it is a popular mountain bike trail. Deem Hills
2. Thunderbird Mountain:   located around 55th Ave and Pinnacle Peak.  Very busy and popular spot in the Northwest Valley.  Just north of Arrowhead.  This is a nice, steady, non-strenuous, climb to the summit for anyone who is somewhat active. The type of incline where you can hold a conversation all the way up.  Slightly rocky in parts but manageable.  I have done this hike with my kids and they had a blast.  Enjoy the American flag at the top. Map of trails
3. Piestewa Peak: 2701 E. Squaw Peak Drive.  Many hikers head for the hills in search of solitude, but if you’re planning to hike to the summit of Piestewa Peak you’d do better to bring with you your community spirit – rarely have we seen such a busy trail.  Hikers, walkers, sightseers and runners alike flock to this prominent peak because of it proximity to the city of Phoenix. Despite the crowds this mountain can still be a lot of fun, offering as it does a short but taxing 1,100 ft climb and many great views along the 1 mile route. You may also travel the Circumference Trail which traces a flanking route around the mountain. The trip around the mountain measures around 3.1 miles from the peak trail and back to the trailhead.  Trail map
4. Camelback:  5700 N Echo Canyon Dr.  Located in the heart of the city and most likely, the most well known mountain in the Phoenix/ Scottsdale area.  During Winter / Spring months, Echo Canyon experiences EXTREMELY high visitation. The parking lot will typically fill up from late morning through early afternoon and remain full throughout the day on weekends. When the park reaches capacity the entry gate will be closed. . Police will ticket hikers who idle their cars on McDonald and will tow vehicles parked illegally on the street.  The summit of Camelback Mountain is at 2,704 feet above sea level. The mountain’s two summit trails gain approximately 1,200 feet in elevation.  There are always stories on the news about hikers needing rescue, so please be prepared and bring water. Camelback
5. North Mountain (Shaw Butte):  10600 N 7th Ave. North Mountain National Trail is a 2.3 mile loop trail located near Phoenix, AZ that features beautiful wild flowers and is rated as moderate. The trail is primarily used for hiking, walking, trail running, and birding and is accessible from October until June. Dogs are also able to use this trail but must be kept on leash. North Mountain

There you go!  Now, go take a hike!