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Express Homebuyers Still Flipping

  • May 6th 2009

by Mark Wellborn

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Express Homebuyers Still Flipping: Figure 1

About a month ago, we linked to a story that the City Paper’s Ruth Samuelson wrote about about Express Homebuyers, a company that buys, renovates and flips homes in the DC area. With this company’s increasing presence in the DC real estate market, we knew that it wouldn’t be long before we heard its name again.

Friend of UrbanTurf Jen Angotti recently had a post on her blog about a house that she sold in early April that was now being renovated by Express Homebuyers. The Illinois Avenue property sold to the company for $150K, well below the asking price, but the client was in a bind and needed to sell.

Angotti recently passed by the listing and saw that the company is completely renovating it. The kicker is that it will be back on the market in June for $374,955, more than double what it went for just a month ago.

Perhaps these renovations are indeed worth the money, but at least one of our readers would likely disagree. In a comment to our original post, the individual took the company to task saying that they forgot to wire her unit for cable, failed to connect the gas stoves to the city gas lines, the electricity didn’t work and the walls were “paper thin.”

Has anyone had a similar (or perhaps a completely different) experience with Express Homebuyers? If so, let us know in the comments section.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/express_homebuyers_still_flipping/878.

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