As we are over halfway through 2015 we continue to see a decline in foreclosures, fewer short sales along with an overall decrease in distressed properties. “Flippers” have been picking up these distressed homes and fixing them up and reaping large profits from them.
Successful property flippers are going above and beyond and ensuring that their homes offer premium amenities and high end finishes that today’s luxury home buyers wish for. Fort Lauderdale Luxury Homes for Sale have continued to show strong numbers and quicker closings. Traditionally these luxury homes would have a longer shelf life then homes under $1M.
It is important when buying a “flipped” home to ask your lender if they have any overlays that may prevent you from purchasing the home. Depending on how quickly the home was redone and the overall increase in price will decide if there will be any issues with some loan types, specifically FHA.
It is extremely important to have a very thorough home inspection completed on the home also. These homes are typically done extremely fast as every day the home isn’t on the market affects the bottom line. This does not mean that some of these companies or individuals that flip these homes are not very good at their jobs.
As we see less foreclosures and more traditional and flipped properties, values of homes continue to rise. Contact us with any questions that you may have!
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