I have been working with this couple the past weeks and found a little cheap fixer-upper property. I've had a lot of experience with old homes as mine was built in 1912. It was one of the original orange grove pickers homes here in the Fullerton, OC, California. So yes, I have had that knowledge of doing it up over the years with lots of hard work, love and expense. This lovely couple insists they want this type of house and at $299k (REO approved) it's real low for what normally sells in this area. Fullerton's average price in this neighborhood is around $425k. I asked them before we make an offer do you have any family to help you in the fixer-upper venture, they said no. Next I suggested obtaining a professional to give them an idea what you are heading into before you go the full gamut. They are aware that because it's a REO the bank will not do anything except when it comes to some health issues. But still they insist to go ahead and place a over the top offer. I'm fully aware that buying this crummy fixer in a good neighborhood is good thing for the long haul, but at what cost up front.
I was happy that they took my advice and engaged a well respected contractor to give them an idea of what it would cost to at least bring this nice little house up to living condition. The end result was that the house was full of sub & dry-wood termites, sub floor has wood rot, roof has three layers, only a 35Amp panel and the foundation is not stable. Apparently over the years with earthquakes etc the house has moved a bit off the foundations.
The bottom line is, I was pleased we walked away from this quaint house and now ready to move on to something else that is cost effective for my clients. I really believe it's worth to pursue the right house so it's not too much of a burden my clients as it rewards you in the end. But how far does one go to inform any new clients that this needs deep pockets to completely do this home up before you can enjoy even living in it. For myself, sometimes too much knowledge with older homes can be a little exasperating at times in this business. As I always say there is always a reason why it's this low price. Check out my blog for other helpful hints for your home buying or selling experience.
Glenn, how fortunate they had you in their corner! I'm sure the home inspection report opened their eyes! That house sounds like a tear down, I doubt anyone is going to buy it to live in as is...
Glenn. Well done. I hope they realize what a huge favor you did for them.
Hello Karen, Thanks I try to be honest as it's not easy thease days.
Thanks Peg and Rob for your comments, it makes me feel good that I did the right thing. Someone will buy the house it really depends how deep their pockets are to fix this house up to live in.
Hi Glen, You are right Vintage homes can be a real "money pit". They are worth it if your buyer have the money to spend.
Hi Tina, Thanks for the comments. I have spent a ton of money and effort over the years but worth every penny...or dollar I should say. I bought the crummiest house...(is that a word) in the Hillcrest Park area.
Hi Glen,
What is the address I might buy it.
Hi Ron,
Sorry too late I had another buyer with deep pockets but little work experience.