Good morning Richard.... yes flippers usually just replace the most needed things and forego other things that have a fourth of  a life left in them. 

Amen Richard!  We have some of the same things going on here in Fort Wayne.  You can put lipstick on a pig...  

Good morning Richard,

Besides all of your points the listing agent is the one to decide to accept the offer or not. It also seems the listing agent or its office gets most of the sales of Fannie Mae properties!

As you said buyer beware.

Make yourself a great day.

So true, Richard!!  Thanks for the reminder to be especially careful on foreclosed homes as there may be a lot of work that needs to be done and will only be discovered with inspections and a closer look at the property.

Good morning Rich. Beware indeed. Side stepping the law isalways a concern and if it looks too good to be true....

Buyer's should always get a home inspection and in most cases a home warranty.  Better safe than sorry.  

Richard: Get used to the 'Likes'; you posted another invaluable blog. I used to see these properties all the time in the Florida Market, but not so much here in San Diego County, California. I have advised several clients to keep looking when these homes are encountered. Lots of hidden and unwelcomed surprises.

I entered real estate in 1989 while Oklahoma City was a robust repo market. I remember then when Fannie would do the lipstick on a pig remodel with carpet that was good for one year and vinyl flooring elsewhere thin and guaranteed to rip. We will see more repos because banks now see foreclosure as a better time value of money than short sales so expect more of these.

Richard, these properties are the bane of my existence.  Buyers (especially first timers) get distracted by the new carpet and shrubs and miss the meaning behind the water spot on the ceiling!  And good luck negotiating repairs with the "seller"!

WE are seeing simalar things happening here in Minnesota also.

So many buyers get distracted by the shiny cosmetics, they forget to pay enough attention to the fundamentals...usually a good home inspection can keep them from making too big of a mistake. 

Richard,

This speaks so strongly to buyers carefully choosing the real estate agent that they will work with.  In Coweta County, they definitely should call you!

Hi Richard, I have seen this here in So Cal also. Agents need to remind these flippers that they are not excempt from disclsoure but they do try to pass themselves off as exempt by stating that the owner has never lived in the property. We both know they had the proeprty fully evaluated and what they discovered is subject to disclosure.

Inspect, inspect, inspect and verify the condition.

If a non disclosed issue causes a problem call an attorney.