It gave so many people false hope. It ruined sheriff sales for a while because people that had no clue of market value and repair cost were way overpaying. That is the whole reason I got my residential contractor license. I decided if I couldn't get flip properties cause of those assholes that I would just build spec houses.

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Posted by stout

Smoking Crack with Hunter Biden

Member since Sep 2006

167270 posts

Posted on 9/18/12 at 7:44 am to DocZaius

quote:
You need a really good inspector

Do this for any property you are buying that's on the market.

I do it even if I am flipping because the liability is off of me if something is overlooked. Had this save me on some old termite damage years later. The home owners went after him and not me since I had it inspected prior to purchase. Had I known about it I would have fixed it.

It's obviously not feasible to do if you are bidding on one at sheriff sale until after purchase but it's still a good CYA.

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Posted by lsuhunt555

Teakwood Village Breh

Member since Nov 2008

38409 posts

Posted on 9/18/12 at 7:51 am to aldawg2323

My house was a foreclosure. I knew what they owed when I went to the Sheriff's sale and the bank bought it back for about 80% of that. I knew what kind of work the place needed so I wasn't touching it. It went on the market 2 months later. They were asking 60% of what was owed. I offered 45% because I knew I would be safe at 50%. They countered with 48% and I bit. Wound up sinking about 30-32 grand into the place. When I bought it, before any work had been done it appraised for 75% more than what I paid for it. Haven't had it re-appraised since.

The best advice is what someone else said, know what you're getting into. Know how much is owed, how much it is worth and how much potential work it needs. I came out way ahead, but they dont all work out that way.

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