Thread: Inspection on flips?

Are you speaking of before you purchase the property or as a marketing tool when you are selling after the rehab?

I am referring to before I buy the property.

Its really up to you, If you have the oppurtunity to do on go for it, If you are purchasing at auction you may just have to take your chances.

If you are not capable of walking through the property and estimating rehab costs, this may be necessary. But also consider the laws regarding disclosure in your state because whatever the inspection finds, you may have to disclose.

So it is possible to flip without a professional inspection? How do you know there is no problem with the structure?

You can always buy without an inspection but this means you will run the risk of buying unseen problems. I would not recommend that you take this chance.

Why am I not recommending that you buy without an inspection? Because of your second question.

You will not know whether or not there is structural problems unless it is apparent. Or what you think is a structural problem is a simple cheap fix. For a small amount of money compared to the purchase price, and probably even a small amount when compared to the rehab costs, it is a no brainer. Cutting corners may bite you in the end.

Pay for the inspection. Or don't and risk losing more money, possibly eliminating all potential profit. It is your choice. It is a gamble to buy without an inspection but people do it. And sometimes people get burned. Some are lucky some are not. Some are experienced, knowledgeable and do not need to pay someone else to tell them what they already know. It really boils down to what you are capable of, and what level of risk you are willing to take.

Another factor to remember is if making an offer contingent on an inspection, an identically priced offer without the inspection contingency looks better to the seller.

Again, I recommend an inspection. Always. Good luck and best wishes!