By the time many of these properties are finally foreclosed on, they are in an extremely poor condition, riddled with deferred maintenance and do need someone to go in and fix them up. Having said that, I have seen some of the strangest improvements imaginable on some of these homes.
To say that a buyer would be prudent in having a Home Inspection on a flipped home, is… an understatement!
Leaves one to wonder if the “premium” that is being paid in the flipped vs. non-flipped price would have been better served in a piggyback loan for repairs, via a bit more conscientious repairs. From what I have seen, some of the repairs that have been performed prior to sale, are less than prudent and may result in a higher cost of repair… the second time around than what would have been needed to fix it right the first time.
I would imagine we will start to see a large number of these foreclosed and flipped properties again by spring of this year.