In the Year of the Golden Pig, the Great and Powerful Jasper Janssen
declared:
> On Sat, 15 Dec 2007 13:47:04 -0500, Sean O'Hara <seanohara@gmail.com>
> wrote:
>
>> You're assuming that seeing the interior will raise the price people
>> are willing to pay. Most people end up doing significant interior
>> work before selling a house, which foreclosure companies can't
>> afford -- they just want to dump the property as quickly as they
>> can. They don't want people realizing the master bedroom's painted a
>> sickly shade of green, the water heater is busted, the washing
>> machine is rusted through, the roof leaks, and the carpets have been
>> torn up by dogs.
>
> Interior work, sure. They *do* want to know that (if) the floor beams are
> sound and what state the windows are in, etc. Not to mention whether there
> are cracks visible indicating structural problems. If there's no
> infromation at all on the interior, you pretty much have to assume that
> the house is potentially unsafe, not just in need of decoration and a
> kitchen and bathroom.

Yes, people who buy houses at real estate auctions do assume they'll
have to put some money into repairs, possibly to the point of
serious structural work. Which is why ordinary people don't buy
their houses at these auctions. They're for real estate speculators
who are going to invest some money into fixing up the property and
then flip it for a profit.

>
> Also, the layout of the house matters a lot -- upstairs bathroom or
> downstairs? Would that need to be changed?

Most of that information should be readily available without
stepping foot in the house.

--
Sean O'Hara <http://diogenes-sinope.blogspot.com>
Doctor: There are worlds out there where the sky is burning, and the
sea is asleep, and the rivers dream. People made of smoke and cities
made of song. Somewhere there's danger, somewhere there's injustice,
somewhere else the tea's getting cold.
-Doctor Who

On Wed, 19 Dec 2007 12:39:44 -0500, Sean O'Hara <seanohara@gmail.com>
wrote:

>In the Year of the Golden Pig, the Great and Powerful Jasper Janssen
>declared:
>> On Sat, 15 Dec 2007 13:47:04 -0500, Sean O'Hara <seanohara@gmail.com>
>> wrote:
>>
>>> You're assuming that seeing the interior will raise the price people
>>> are willing to pay. Most people end up doing significant interior
>>> work before selling a house, which foreclosure companies can't
>>> afford -- they just want to dump the property as quickly as they
>>> can. They don't want people realizing the master bedroom's painted a
>>> sickly shade of green, the water heater is busted, the washing
>>> machine is rusted through, the roof leaks, and the carpets have been
>>> torn up by dogs.
>>
>> Interior work, sure. They *do* want to know that (if) the floor beams are
>> sound and what state the windows are in, etc. Not to mention whether there
>> are cracks visible indicating structural problems. If there's no
>> infromation at all on the interior, you pretty much have to assume that
>> the house is potentially unsafe, not just in need of decoration and a
>> kitchen and bathroom.
>
>Yes, people who buy houses at real estate auctions do assume they'll
>have to put some money into repairs, possibly to the point of
>serious structural work. Which is why ordinary people don't buy
>their houses at these auctions. They're for real estate speculators
>who are going to invest some money into fixing up the property and
>then flip it for a profit.
>
>>
>> Also, the layout of the house matters a lot -- upstairs bathroom or
>> downstairs? Would that need to be changed?
>
>Most of that information should be readily available without
>stepping foot in the house.

And if it's not available, it's not really a big deal, since, as
previously noted, these are mainly bought as investment properties,
and the floor plan can be changed if it would make the place worth
more.

Rebecca

On Wed, 19 Dec 2007 12:39:44 -0500, Sean O'Hara <seanohara@gmail.com>
wrote:
>In the Year of the Golden Pig, the Great and Powerful Jasper Janssen
>declared:

>> Interior work, sure. They *do* want to know that (if) the floor beams are
>> sound and what state the windows are in, etc. Not to mention whether there
>> are cracks visible indicating structural problems. If there's no
>> infromation at all on the interior, you pretty much have to assume that
>> the house is potentially unsafe, not just in need of decoration and a
>> kitchen and bathroom.
>
>Yes, people who buy houses at real estate auctions do assume they'll
>have to put some money into repairs, possibly to the point of
>serious structural work. Which is why ordinary people don't buy
>their houses at these auctions. They're for real estate speculators
>who are going to invest some money into fixing up the property and
>then flip it for a profit.

Yes, obviously. *But* putting in the viewing days means that *more people*
can afford to buy those homes. From not-so-professional people with a bit
of spare cash wanting to flip *one* house quickly (who don't necessarily
have the cash to absorb major structural work) to first-time-buyers with a
DIY bent looking for a bargain.

And *that* means that prices will go up significantly. This is already the
case at many auctions in the europe area.


I suppose it helps that, in America, houses are typically timber-frame
with siding and drywall. 'Major structural work' on those short of a
rebuild or a foundation issue are therefore peanuts compared to 'major
structural work' to a sagging brick wall.

Jasper