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Member Experiences / Re: Talking to the Owner
« on: October 26, 2009, 10:41:32 PM »
Baglady,
Why are you buying and what are your goals here? If you are looking to recoup losses from stocks, then you are trying to flip. If you are trying to flip, you don't care what colour the linoleum is or if there are holes in the walls. On your bid assume you are buying a rental property with an absentee landlord. Expect to be replacing wallboard, expect to be doing some repairs to make the property sale-able.
If you are buying vacant land, you should be able to figure out its condition pretty quick by talking ot the town. As much as we hate the folks in some municipalities, some will give a wealth of information. If its a toxic waste dump, they will usually let you know. If they are mum about it, get suspicious. If they don't know anything, they will say that too.
Do a drive by. Take photos. Go to the land registry and ask to see records.
At the end of the day the answer is that you will be going in "mostly blind," compared to buying with an agent. If you are used to this game, you will be going in with enough information to make an investing decision. If you need to know the colour of the carpets, this is the wrong game for you. Expect dog crap and holes in the carpets.
Why are you buying and what are your goals here? If you are looking to recoup losses from stocks, then you are trying to flip. If you are trying to flip, you don't care what colour the linoleum is or if there are holes in the walls. On your bid assume you are buying a rental property with an absentee landlord. Expect to be replacing wallboard, expect to be doing some repairs to make the property sale-able.
If you are buying vacant land, you should be able to figure out its condition pretty quick by talking ot the town. As much as we hate the folks in some municipalities, some will give a wealth of information. If its a toxic waste dump, they will usually let you know. If they are mum about it, get suspicious. If they don't know anything, they will say that too.
Do a drive by. Take photos. Go to the land registry and ask to see records.
At the end of the day the answer is that you will be going in "mostly blind," compared to buying with an agent. If you are used to this game, you will be going in with enough information to make an investing decision. If you need to know the colour of the carpets, this is the wrong game for you. Expect dog crap and holes in the carpets.