What to do next? - Property Investment and New Homes For Sale Forum

EugenS · #1 (**permalink**) 14th June 2008, 09:31 AM

Let's say I buy a house that has some problems that can't be discovered at first, or even second glance. I'm trying to make a profit here, so what should I do? Fix the issues and then just sell it further, or do some minor repairs, make it look better, and then sell it at a profit?

Monica · #2 (**permalink**) 19th June 2008, 11:14 AM

I would rather do some minor repairs and than sell it but that's just my personal opinion.

EugenS · #3 (**permalink**) 20th June 2008, 07:43 AM

But that would be really unethical. I'm thinking of the people who'd buy it. And you know how the market is these days...

Mindy · #4 (**permalink**) 20th June 2008, 09:41 AM

I dont get why you think its unethical, if you do some property up you are adding value to it and its not something that everyone is capable of doing or wants to do. The buyer has a choice some people like to see the finished article

EugenS · #5 (**permalink**) 21st June 2008, 10:56 PM

You might be right, I was thinking that you'd cover the damages and sell the house as good.

stevekelly · #6 (**permalink**) 5th July 2008, 06:26 AM

Quote:

Originally Posted by Monica

I would rather do some minor repairs and than sell it but that's just my personal opinion.

I am agreed with monica's advise.

ShadoCat · #7 (**permalink**) 8th July 2008, 12:18 AM

In California, you better disclose the damage. Otherwise, you'll be paying for it once they discover it.

JEROME · #8 (**permalink**) 8th July 2008, 02:31 PM

Hi,

Its very good idea you got in mind. I am just advice you going to this route is very good for you & your money. After all you will get 100% from it.

BEST OF LUCK

DianaR · #9 (**permalink**) 8th July 2008, 05:00 PM

Quote:

Originally Posted by ShadoCat

In California, you better disclose the damage. Otherwise, you'll be paying for it once they discover it.

It is really too bad that most states don't have the same policies when it comes to housing. It is terrible to buy a place and find out that most of the serious issues were hidden.

Here, way too many sellers can make a home look good, and the new owners have no recourse if they discover issues that wouldn't have been seen without spending more than a day in the home.

ShadoCat · #10 (**permalink**) 8th July 2008, 06:52 PM

Quote:

Originally Posted by DianaR

Here, way too many sellers can make a home look good, and the new owners have no recourse if they discover issues that wouldn't have been seen without spending more than a day in the home.

You always have recourse. Just add a contingency in your contract that The seller warrants that there are no flaws other than those disclosed int he contract and that the seller is fully responsible for correcting any such flaws should they be found.