real estate

Buying a flipped home? 5 questions to ask

What changes have you made to the house?
What changes have you made to the house? © Andrey_Popov/Shutterstock.com

Some states such as Texas are "full-disclosure" states, says Szot, who lives in the Lone Star State. A full-disclosure policy means that sellers have to tell buyers everything they know about the house, including changes they've made.

That makes it easy to get a list of the work an owner has done to the home, she says.

Even if you don't live in a full-disclosure jurisdiction, you can still ask the current owners for a written, detailed report of all the changes they've made to the property -- and ask them to sign it, says Szot.

Permits, and other documents related to work or upgrades, should be available to prospective buyers, says Mike Holmes, contractor and author of "The Holmes Inspection: The Essential Guide for Every Homeowner, Buyer and Seller."

Check with the permitting authority to make sure that work passed inspection once it was completed, he says: "The more you do your homework, the better."

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Polyana da Costa

Bullish jobs report bad for rates?

The employment report released this morning is great news for the economy but not so much for mortgage borrowers.  ... Read more

advertisement
Partner Center
advertisement

Connect with us