The idea of flipping a home, while daunting, can prove to be financially rewarding.
However, one Mississippi couple found themselves on the wrong end of the deal as the house that they've spent thousands on as a rehab home turned out to be the wrong one.
Terry Jordan and her husband, of Senatobia, Mississippi had decided that the prospect of buying a foreclosed home listed in the area would be a great investment that they could easily flip and re-sell for a profit.
After hiring a realtor and doing extensive research, Terry and her husband toured a home listed by Bob Leigh Realtors with a sale price of $11,500. After viewing the home three separate times, Jordan informed her realtor that they'd like to proceed with the sale and ended up buying the home for $10,500 from Federal Home Loan Mortgage Corp.
Setting out to work immediately, Terry and her currently unemployed husband began construction.
"I have had a new roof put on, new electrical in it, I have had plumbing done to it," Jordan told WREG.
After mostly finishing the home, the Jordan's decided to call in a surveyor as certain records regarding the house didn't look quite right. Following a conversation with the relator that sold her the house, Terry's suspicions were confirmed.
"She's like I don't know how to tell you this but we might have sold you the wrong house," said Jordan.
According to the real estate company, the actual home that the Jordan's purchased was directly to the right of the home that they had just finished rehabbing and was suffering from an extreme case of mold.
With the real estate company claiming misinformation, the Jordan's have requested that all of their money be returned and are also seeking a lawyer to take their case.