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"Lipstick on a pig"

By Nicole Artis

Real Estate Agent with Central Properties LLC

September 24, 2011 03:52 PM

In my current market the amount of “Real Estate Investors” has sky rocketed. Most of my clients love renovated homes because they feel like they are getting something “new”, even though I stress to them that renovated homes are not new construction. Well my clients perspective is you put granite in why didn’t you patch that hole or why are you doing “Half………. FILL IN THE BLANK work". My question for home investors, do you get home inspections before putting your property on the market? I would rather buy a home that has a new water heater then stainless steel. I hate to say it but some of these investment properties are “lipstick on a pig” is that the correct term? So my only requests to home investors PLEASE GET A HOME INSPECTION before listing your property . I understand that every inspector will find something different but GEESH.

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DeeDee Riley

Windermere Real Estate - El Dorado Hills CA - El Dorado Hills, CA

Realtor - El Dorado Hills & the Surrounding Areas

I really agree with you Nicole! Some of the flips look nice but the workmanship is not good! The lipstick is not good!:)

Sep 24, 2011 04:00 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Nicole - why on earth the Seller will do the inspection? I see buyers doing inspection all the time, but why would the seller do it?

S/he will know about the defects from the inspections done by Buyers. Sellers can always adjust using price. They are not required to offer a perfect home, so whatever they do, that's what they do. the buyer can either agree to pay the price, negotiate it, or walk away

Sep 24, 2011 04:06 PM

Lisa Dunham

Alexandria, VA

Associate Broker, Alexandria Virginia Real Estate

I totally understand Nicole! I have come across only one team of investors who placed strong emphasis on the quality of their work. These days, it is definitely a numbers game, but unfortunately not a favorable one.

Sep 24, 2011 04:08 PM

Mark Delgado

houses for rent, Solano County & Glen Cove - Benicia, CA

Benicia and Vallejo, Property Management, rental h

Your advice is Golden and so important. You just don't know the quality of the work (or even safety issues) without the proper due diligence.

Sep 24, 2011 04:15 PM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

I am working with a Seller who is painting the Porch Posts, putting in a new Range, having new Tile installed in the Foyer.

But she refuses to replace the 25 year old ROOF!

Sep 24, 2011 05:08 PM

Ruby Lee Sweeting

Darville Wong Associates Realty Bahamas

Your Bahamas Agent for Relocations & Second Homes

Nicole I love that description...the mental picture "lipstick on a pig" conjures up in my mind is quite apropo for what you are talking about - it happens only too frequently that an old place is prettied-up on the outside but is moments from total collapse. Nice to-the-point post.

Sep 24, 2011 05:38 PM

Nicole Artis

Central Properties LLC - Upper Marlboro, MD

Jon Im not asking for a perfect home but why spend money on certain cosmetic items when larger things need to be fixed that can prevent the home from being financed .

Sep 24, 2011 06:40 PM

Nicole Artis

Central Properties LLC - Upper Marlboro, MD

Lol @ fred these costly items will make some buyers run away no matter how much you explain it to them.

In this market sellers need their buyers its so much inventory right now ....well atleast in my area it is .

Sep 24, 2011 06:44 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Nicole - no home is perfect. A home inspector went to inspect a brand new home being purchased from a national builder, and came back with a 3-page list of issues from small to serious.

Nobody does everything, something will be done and something won't. And it is very subjective, as what is important to one is not important to someone else.

I had recently a buyer, who was very concerned with the water after rain on a 1,000 sf terrace. So, I had to bring the GC. He came, looked and asked what the problem was. They showed to the standing water, and said "This is the problem". He looked at them as if they fell of the moon, and said "This is just water, this is not a problem. But if you try to raise the level here to have it roll off the terrace, it will become a big problem".

They did not buy a $400K condo because of a problem, which was a problem only in their eyes. They also were asking me why the seller fixed this and that, but did not fix the most important thing, the standing water on the balcony...

I am reading comments and I am not sure that they actually read the blog. I have never heard about the Sellers doing the inspections as it is a waste of money. They Buyers would do theirs and would have the list of issues.

Sep 24, 2011 08:15 PM

Nicole Artis

Central Properties LLC - Upper Marlboro, MD

Jon I'm talking about Investment properties ones that have been owned for 3 months(vacant for lord knows how long) where clearly the investor probably didnt get an inspection before he/she purchased because it was a good deal.

As far as owner occupied properties, hey its not a requirement to get a home inspection because you have been living there and your right what may be bothersome to one may not be a big deal to another. Also I never said a new home was perfect . My question was simply to "INVESTORS" do you get a home inspection ?

Sep 25, 2011 03:18 AM

Nicole Artis

Central Properties LLC - Upper Marlboro, MD

My concern isnt that somethings are just not important to some people, my concern is that investors are doing poor jobs. From a buyers perspective : they would rather walk into an old home and see it for what it really is . I had an inspection on an investment property(newly renovated) where the basements florecent lights temperature was so hot it was a fire hazard, If the home inspector did not have the correct tool to find this issue my client would have never known. My client did not buy this house for other reasons ,however from my understanding those issues still have not been addressed .

So when it comes to investment properties are we playing the "dont ask dont tell" game what they dont know wont hurt them until they move in.

I dont know Jon I definitely understand where you are coming from when it comes to owner occupied properties. But these investment properties hmmm the verdict is out.

Sep 25, 2011 03:45 AM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Nicole,

I am selling for investors, and they usually have never seen the properties, not before they bought, not after they bought.

For some we do the remodeling for them, and there is always something that we choose to do and something that we don't. There is certain minimum standard, but there is no limit, so if that what the buyers want, they know that there is some cost associated with it.

I am not sure why you call it "playing the "dont ask dont tell" game". Buyers do inspections, and know the issues if there are any. They are not buying blind.

based on the inspection, they can walk away, or negotiate with the sellers even though it is an AS IS contract.

Sep 25, 2011 05:57 AM