Colorado Springs Real Estate Blog
Fix and Flip homes in Colorado Springs
The real estate market in Colorado Springs is picking up and the fix and flip market is coming alive again. Investors are looking for a deal, with the competition among other buyers and home prices on the rise, the bargains are a little tougher to come by.
If nicely done, fix and flips don’t last. Buyers can tell when a flip is finished hastily and will pass on those homes and look for something better.
One thing buyers cannot determine as easily is whether or not a home is contaminated with meth. Buyers need to use caution when purchasing a home that was previously a foreclosure. Chances are the investor did not test the property so it is really up to the purchaser to ensure a home is not contaminated. Even when homes are completely remodeled, a home can still be contaminated.
Should investors who plan on flipping a home be required to test it for meth and disclose findings to buyers when it is for sale? It would be unfortunate for investor to find out a home is contaminated as a result of a buyer having a meth test performed after all of the remodels have been paid for and completed. The buyer can walk away but the investor has to deal with a contaminated home, requiring disclosure to future buyers unless it has undergone remediation and that isn’t cheap.
Have questions about buying a home in Colorado Springs? Contact Patricia Beck at 719-660-9058.