We have all seen those terms used to advertise a property that may be in the need of repair. The problem is, the expressions can refer to anything from needing paint and flooring to tearing down the walls and starting from scratch.
With that being said, caveat emptor used to be the rule of the day. It was the buyer's responsibility to make certain that the property was suitable for purchase.
Over time, the process shifted towards due diligence. Still, it was the purchaser's responsibility to diligently inspect the property to determine if the sale should be consummated, renegotiated, or terminated.
In addition, in most jurisdictions sellers are obligated to disclose all known adverse material defects of which the seller has actual knowledge to a potential buyer. The information contained in disclosures should only be used in conjunction with inspections performed by qualified professionals!
So don't shy away from the fixer-upper! Just be sure that you know exactly what you are getting for your money before you make your purchase!
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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
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I fixer upper is usually a house that you better know exactly what you are getting into when you purchase. That's some great advice for sure.
Oh I love the house in the picture! How much is it, Richard? LOL
JL...
Yeah, when I started if something was wrong t was just too bad. Things sure have changed. Thanks, my friend!
Mary...
Yeah, I just HAD to use that photo. Thanks as always!
Well not the one in the picture! That house is a bit much to fix up.
Richard, one of the other pprotections for buyers are FHA loans. The appraisal are much more strict and require items to be fixed prior to purchase. Good post.
Bo
Richard, I have a suggestion about that "fixer" you have pictured. Heat with it----instead of trying to heat it:)
Richard,
Any person who buys there types of properties should understand it's hard to look in the walls and find things that are surprises bu you can also find good deals if you are willing to do work on them.
All it needs is a little duct tape. What's the deal?
Richard - It is similar to the "As-is" sale that at times, can have absolutely nothing wrong with it. It is just the seller's way of saying, "I don't want to lift a finger!" In that case realtors should better advise their sellers since such a phrase could turn people away, just like "fixer-upper" can.
Melody - "100-mile-an-hour" tape and a hot glue gun - its really all this world needs
A tear down lol. It could mean just a few things...a bunch of things or a tear down. Most times it means you will have a lot to repair.
Good advice here.
Marlene...
Aw, just a little paint and caulk! lol
Bo...
That's a way to go for some, but some houses are so bad they won't go FHA! Thanks, as always my friend!
Charles...
That was pretty good ... I thought that photo would add a touch of humor to the post! THX!
Neal...
And you have to figure that you are going to have to spend some money ... but you can find some real bargains out there! Thanks.
Mel...
Maybe a little caulking too! lol
Steve...
And sometimes the property just speaks for itself, doesn't it? ;) Thanks!
Richard,
This could be said on most purchases...be sure you know what you are getting for your money.
Ann Hayden remaining positive in lovely Wildwood, Missouri
The price of the home is important but you're right on when you talk about knowing what you are buying. Get the inspections and be prepared.
Richard, you seem to have quite the collection of old ramshackle building photos!
Richard, you seem to have quite the collection of old ramshackle building photos!
Richard - I worked in insurance claims when I was MUCH younger. I had a rubber stamp for situations like you have pictured here. The stamp had the initials TLNS - it stood for Total Loss No Salvage. That property is definitely not a "cosmetic fixer."
Richard...some of the fixerr uppers that have been advertised in my area don't deserve a match!
Hi Richard, I can't help but think that one person's fixer upper is another person's teardown!
I have found that a lot of people want a fixer upper price when only paint and carpet are needed.
How true! There are very few things that can't be fixed......it sure is nice to know what they are before you plunk down a wad of cash though!!!
A fixer-upper or a handyman's special can be any and every thing. Remember the old saying, "One man's trash is another man's treasure"? Well, the same thing applies here. One listing agent's "fixer-upper" comments are another agent's source of jaw-dropping disbelief. At least, that's what I've found!
I bought a fixer upper... and have been remodeling it for 6 years. Its been a lot of blood sweat and tears, but in the end, we own a home valued (even in today declined market) at approx. $300k. We only have a mortgage for $150k, and that's after a refi to pay for the $$ we put into it. Fixers can be a fantastic buy... definately worth looking at! ~A:)
I would say the proper detail of a handyman special is something more than that, however less than mortgage worthy by the major lenders.