Recently, a customer found a house on the Internet that was bank owned, partially constructed, and badly in need of repair.  When we made our first visit to the house, he liked the house a lot and his wife loved the location and the room layout.  That's about all that was good about the house - it had burst water pipes, visible mold on the drywall in the lower level, and an addition that was equal to the size of the original house but partially completed (no drywall, no electrical or plumbing). 

Sure, it's a buyer's market and there are great deals out there but is this the time to say "no".  Especially when your client says, "what do you think?"  Is it a money pit or an opportunity?  If you say, "great buy" and during repairs, who knows what lies behind the mold and discoloration?  Maybe water damaged wood; maybe burst water pipes; maybe termites; maybe ????? 

If you say, "it's a money pit; lets keep looking" who knows how many more foreclosures you will need to show your client and what are the chances that the next one will be any better. 

Well, we moved forward and hired a building inspector, plumber, and contractor to give us their opinions - surprise - most of these guys have seen it all, especially if they have been in the business for a few years.  The plumber gave us a good report - not that costly since the house has electric heat - maybe $6000 to repair any broken pipes and replace; the building inspector said, "You've got a great house her - lots of potential".  The contractor gave us a bid for total re-hab and it seemed better than we thought. 

That's all I needed to get my confidence together and keep the deal alive.   It definitely takes VISION - along with support from other professionals.  What's the outcome on this deal?  Don't know yet, closing is in a month and then we'll find out the real truth -