What exactly is a fixer-upper or a handyman's special?

Richard, one of the other pprotections for buyers are FHA loans. The appraisal are much more strict and require items to be fixed prior to purchase. Good post.

Bo

Richard, I have a suggestion about that "fixer" you have pictured.  Heat with it----instead of trying to heat it:)

Richard,

Any person who buys there types of properties should understand it's hard to look in the walls and find things that are surprises bu you can also find good deals if you are willing to do work on them.

All it needs is a little duct tape.  What's the deal?

Richard - It is similar to the "As-is" sale that at times, can have absolutely nothing wrong with it. It is just the seller's way of saying, "I don't want to lift a finger!"  In that case realtors should better advise their sellers since such a phrase could turn people away, just like "fixer-upper" can.

Melody - "100-mile-an-hour" tape and a hot glue gun - its really all this world needs

A tear down lol. It could mean just a few things...a bunch of things or a tear down. Most times it means you will have a lot to repair.

Good advice here.

Richard,

This could be said on most purchases...be sure you know what you are getting for your money.

Ann Hayden remaining positive in lovely Wildwood, Missouri

The price of the home is important but you're right on when you talk about knowing what you are buying. Get the inspections and be prepared.

Richard, you seem to have quite the collection of old ramshackle building photos!

Richard, you seem to have quite the collection of old ramshackle building photos!

Richard - I worked in insurance claims when I was MUCH younger.  I had a rubber stamp for situations like you have pictured here.  The stamp had the initials TLNS - it stood for Total Loss No Salvage.  That property is definitely not a "cosmetic fixer."

Richard...some of the fixerr uppers that have been advertised in my area don't deserve a match!

Hi Richard, I can't help but think that one person's fixer upper is another person's teardown!

I have found that a lot of people want a fixer upper price when only paint and carpet are needed.

How true!  There are very few things that can't be fixed......it sure is nice to know what they are before you plunk down a wad of cash though!!!

A fixer-upper or a handyman's special can be any and every thing. Remember the old saying, "One man's trash is another man's treasure"?  Well, the same thing applies here.  One listing agent's "fixer-upper" comments are another agent's source of jaw-dropping disbelief.  At least, that's what I've found!

I bought a fixer upper... and have been remodeling it for 6 years. Its been a lot of blood sweat and tears, but in the end, we own a home valued (even in today declined market) at approx. $300k. We only have a mortgage for $150k, and that's after a refi to pay for the $$ we put into it. Fixers can be a fantastic buy... definately worth looking at! ~A:)

I would say the proper detail of a handyman special is something more than that, however less than mortgage worthy by the major lenders.