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Terry Story’s Real Estate Survival Guide podcast includes her weekly round-up on NPR's "The Steve Pomeranz Show," WLRN and affiliates. The show provides expert advice in all aspects of the real estate transaction from listing to negotiations; to sales and purchase and everything in between.
Episodes
Tuesday Oct 03, 2017
Tuesday Oct 03, 2017
Due Diligence On Flipped Homes
Finally, Steve wants to know if buyers should scrutinize a flipped home the same way they’d analyze a rental car that’s for sale. His logic is that investors who know they’re going to flip the home in a few years don’t bother to take care of the home beyond outward cosmetic appearances, so buyers should dig even deeper on such sales.
Terry says a good place to start is by looking at whether the seller is an individual or an LLC (Limited Liability Corporation). That’s because investors often set up an LLC to purchase a foreclosed home. They then renovate the home, sell it, and liquidate the LLC. So, months later, if a buyer finds a defect in the property or the title, the LLC has no assets and is no longer in existence, so they have no one to go back to. However, if the LLC has been in existence for a long time, there’s probably less to worry about it. 9-20-2017
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