Buying a foreclosure flip
We are seeing a lot of houses that were apparently bought as foreclosures, cosmetically updated, and then flipped back onto the market as little as 3 weeks later. I'm willing to bet that a lot of the updates were done as cheaply as possible, and I am worried that there may be serious problems that were hidden. The thing is, some of these houses are in locations that are perfect for us, and have great floor plans. We may well have seriously considered buying them in their pre-update state. But I am nervous about buying one that has been flipped because I think we'd be paying a premium for upgrades that probably aren't up to our standards, and also because of the other potential lurking problems.
Are we making too much of this? Have any of you bought houses in a situation like this, and can tell me how realistic my concerns are? Are there good strategies for mitigating the risk beyond just having a good inspection as we'd do on any house?