Andrey Sokurec, Owner at Homestead Road a leading house buyer MN (Homestead Road)

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Rainmaker
1,230,687
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Buyer Beware still applies.  Get a home inspection.

My husband & I have owned old house for twenty years but it had 'good bones' aka solid foundation & structure.  Still here & loving the location.

House

Aug 01, 2016 08:25 PM
Rainmaker
3,463,518
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Better have a thorough inspection first so you know what you may be getting into.

Aug 01, 2016 09:16 PM
Ambassador
4,700,009
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I do this, know what you are buying and buy it at the right price and everything will be fine.

Aug 02, 2016 01:14 AM
Rainmaker
877,269
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Inspections are key IMO

Aug 02, 2016 12:03 AM
Rainmaker
3,985,569
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I would avoid buying without a inspection

Aug 01, 2016 11:15 PM
Rainmaker
846,120
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Avoid fear.

Aug 01, 2016 09:37 PM
Rainmaker
718,058
Peter Mohylsky. The Santa Rosa Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
THE BEACH IS OPEN

run your numbers but definitely get a home inspectio

Aug 01, 2016 08:50 PM
Rainmaker
773,105
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

You should avoid getting screwed! 

Do your due diligence as far as running the numbers more than once, and in having the property inspected by a professional.

 

Aug 01, 2016 08:13 PM
Rainmaker
1,506,511
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

As you know, the main thing you should avoid: waiving your inspections. 

Aug 02, 2016 05:01 PM
Ambassador
3,695,516
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

I did that and still live in the place.  They have their charms.  But there is so much hiding just waiting to self-destruct!

Aug 02, 2016 02:30 PM
Rainmaker
117,460
sandy straley
Rindlesbach Homes - Salt Lake City, UT
Selling Homes for over 40 Years

have a home inspection so you know the condition of the home

Aug 02, 2016 09:03 AM
Rainer
229,778
Jessie Cochran
Counts Real Estate Group, Inc. - Panama City, FL
Panama City Realty Group

Avoid being taken advantage of - oh wait, you're a broker - you're good to go ;)

Aug 02, 2016 12:14 AM
Rainmaker
772,372
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Paying for a thorough inspection would be the best protection.

Aug 02, 2016 12:04 AM
Rainmaker
1,372,994
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Work closely with a home inspector you trust.

Aug 01, 2016 11:57 PM
Rainmaker
2,551,443
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It all comes down to price....

Aug 01, 2016 11:24 PM
Ambassador
2,462,547
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Don't buy a tear-down!  Get real numbers from contractors and sub-contractors.  Remember that one thing leads to another - that simple HVAC replacement might require a complete upgrade of the electric service.  That worn roof might be covering rotten trusses and supports.  Get everything inspected, including structure, termites, septic, and well.

 

Aug 01, 2016 11:18 PM
Rainmaker
1,157,329
FN LN
Toronto, ON

Lots of people have done that type of business.  Make sure you understand what you are buying in your "as is" condition.  Have the property inspected by qualified inspectors so you know in advance what you need to fix.  Understand your costs upfront so that you will not lose money etc.

Aug 01, 2016 11:15 PM
Rainer
56,472
LeAnn Sink - Realtor Knoxville, TN
United Real Estate Solutions - Knoxville, TN
#ThinkSink when you need an agent.

Depends on what you consider "old".  Old as in late 1800's/early 1900's have totally different problems then say 1950/1960's home....ex.... lead, asbestos, knob & tube wiring, galvanized pipes, etc.  Not much still around, but you'd be surprised.

Aug 01, 2016 11:09 PM
Rainmaker
3,594,729
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Have a home inspector you trust doing the inspection and then add 10-15% to your budget to handle the surprises! Buy low and sell high!

Aug 01, 2016 11:07 PM
Rainmaker
1,473,203
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

It's not so much what you should avoid as what you should do.  Do your due diligence.  Get an home inspection.  Get a structural inspection if there is any question about the integrity of the foundation.  Many of the flipper type homes don't fall under the disclosure laws so beware and know what you are buying.  There will still be surprises but, hopefully, not the big expensive ones!

Aug 01, 2016 10:45 PM
Rainmaker
1,587,728
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Got my start in RE that way. You must learn that every transaction is full of unknown surprises and expect cost overruns.

Aug 01, 2016 10:40 PM
Ambassador
2,016,176
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Avoid not getting a home inspection and any other inspections you think may be needed.

Aug 01, 2016 09:54 PM
Rainmaker
4,432,838
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Get a home inspection.

Aug 01, 2016 09:48 PM
Rainmaker
784,641
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

If you're familiar with construction, you can get a pretty good feel for what any house will need. I always check wells, septic, survey plat, electric box and wiring, plumbing, attic, foundation, windows, etc. Compair repair costs with building new costs, and check local market comps. Also check basement for water damage, check zoning, make sure house isn't in a historic district. If addition is planned, check soils. A few years ago a man who bought a house and fixed it up wanted to add an addition, then resell. he called me about listing. I knew the area, and knew no additions could be added to homes in that area because they were in a " Sensitive Soils" district.

Aug 01, 2016 09:27 PM
Rainmaker
5,358,871
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

my focus has never been old homes....but if I were to guess, I would say to spend time in the basement with focus on the sills, foundation and supporting columns!!

 

Aug 01, 2016 09:24 PM
Ambassador
3,985,140
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Many people are making good money doing what you are doing and some are losing their shirts. Be sure to keep your shirt on.

Sep 19, 2016 10:20 AM
Ambassador
2,209,455
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Whatever you do...don't avoid a home inspection. That is a great way to find out information on the house. 

Aug 02, 2016 11:32 AM
Rainmaker
582,407
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

Every home in California is sold in "as-is" condition.  The buyer has the right to request repairs, the seller has the right to make any of the requested repars they wish, the buyer has the right to accept, reject or counter.  This goes on until there is an agreement or cancellation.  The only difference in buying a home in "as-is"condition is that you already know that the seller will reject all repair requests.  Just make sure you have a professional home inspection and go from there.

Aug 02, 2016 11:25 AM
Rainmaker
634,116
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Avoid homes with big ticket items needing replacement or repair, like significant termite damage in structural members or significant water damage and warping. Other than big ticket items look at things outside your expertise that will cost too much to make your numbers work.

Aug 02, 2016 11:13 AM
Rainmaker
3,437,016
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Mary Yonkers knows her stuff.

Aug 02, 2016 06:23 AM
Rainer
271,401
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

It could have been: a crack house (will cost you to have Hazmat tear it down) a sinking rotting mess (once you open one wall be ready to fix all the walls)  they may have done illegal funky repairs and you will search the world to find parts that fit then end up ripping it all out and going down the the county planning desk for permits.  Wishing you all good things.

Aug 02, 2016 05:57 AM
Rainmaker
1,301,232
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Do it all the time.  I work primarily with investors.  The list of things you can find is unending.

Aug 02, 2016 05:30 AM
Rainmaker
631,712
Vern Eaton
Askov, MN
Realtor 651-674-7449

If you are not a pro att his stay away or go to something with less work

Aug 02, 2016 02:29 AM
Rainer
211,493
Sharon Altier, SFR
Lawton Realty Group, Inc. - Elmhurst, IL
Your Real Estate Partner

Avoid the mistake of NOT having an inspection done.  You never know!

 

Aug 02, 2016 02:17 AM
Rainmaker
1,084,679
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

repair and retrofit cost.

Aug 02, 2016 01:46 AM
Rainmaker
3,649,285
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Obviously a home inspection and follow up recommendations by specific contractors are very important.   

Aug 02, 2016 01:32 AM
Rainmaker
573,448
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Aside from doing a good home inspection, it wold be prudent to check with the insurance company also to see if they will insure the old stuff or you will need to replace...like plumbing and electrical.

Eve

Aug 02, 2016 01:31 AM
Ambassador
4,221,928
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

You should be as thorough as possible in your due diligence, including inspections. Never just assume everything looks alright

Aug 02, 2016 12:42 AM
Rainmaker
1,406,927
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Andrey Sokure Check it out thoroughly before purchasing.

Aug 01, 2016 11:20 PM
Rainmaker
3,167,908
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I do the same Andrey Sokure and it is not hat to avoid, but what to look out for and to make sure the purchase price reflects any work needed by deducting from value the repairs needed. 

Aug 01, 2016 10:37 PM
Rainmaker
3,423,528
Richard Weeks
Dallas, TX
REALTOR®, Broker

Have an option to have the house inspected, and opt out if report indicates many problems.

Aug 01, 2016 10:06 PM
Rainmaker
5,823,237
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Understand the risks of lead paint and asbestos.

Aug 01, 2016 10:02 PM
Rainmaker
3,064,654
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Mary Yonkers nailed this one!

Aug 01, 2016 09:53 PM