Run a Background Check on the next home you’re contemplating buying.
There’s this great house for sale on my street with a sign advertising “Remodeled”. Unfortunately I’m not the listing agent. But lucky for me I know (somewhat) the history of this house. For the flock of buyers and buyer’s agents touring it over the last four days, they do not.
Rewind. Not more than 3 weeks ago, the house was hidden by overgrown trees, a peeling paint job, and rotating cars parking in front of the house. And I hate to say it but garbage bags littered the driveway. The house had been a rental for as long as I can remember.
It goes up for sale, a Realtor and Investor buy it at auction for around $325,000 and the transformation begins. Over the course of 3 weeks I see the Big Monster Trucks and their trailors hauling away debrie, old appliances, and yes those overgrown trees and rubbage in the driveway. Next a new refrigerator appears on the sidewalk, waiting to be installed, the painters are frantically painting the exterior an attractive shade of blue and finally the stager comes in dressing up the place with lamp shades and fake fruit. Viola! Back on the market with ABC Realty and advertised as “Remodeled” for an asking price of $425,000. This is a case of flipping a property in action! I have to admit it was fun to watch and believe me I’m thankful it got the facelist it needed.
It’s a good idea to run a background check on a property in any case. Are there liens? Were their past claims? How’s the sewer line (this is a huge one!). Are their shabby patch jobs? Of course hiring an inspector can eliminate much of the structural questions a new buyer would have … but what about the paper trail?
Run a background check. Your Realtor can help with this but there are also some good websites out there to help you like Buildfax. Whether it’s a condominium (CC&R’s, minutes of meetings, financial reports) or a single family home, running a background check is definitely in your favor. For more real estate answers, give us a call!