Surprised Kentucky Buyer Finds BIGFOOT In House Bought At Auction
There he was! BIGFOOT! Asleep in the basement!! The new owner was shocked to say the least! He thought he had gotten a bargain but instead he had a monster of a problem.
Soon, his life would spin out of control.
Imagine...you do your homework on a house that has gone through foreclosure.
You have all your ducks in a row to be able to bid at auction.
You are buying it without the benefit of a home inspection. There could be bats in the belfry too.
I have had so many people call me to see if I keep up with foreclosed houses that go to auction. I actually do not. I almost bought one about 4 years ago.
Lucky for me, there was something that came up on my credit report at the last minute that I had to dispute. I hated it at the time, but it was a blessing in disguise. I think of it now every time I pass by that house. Now I have a much nicer one down the street for about $6000 less and 4 years newer. (With zero problems)
At the time it was going to be up for auction, prospective bidders could not go in and inspect it. I would peep in the windows and wonder the layout of the house. I found out later that because of water problems over the winter, there was black mold in the walls downstairs. Now that would be a monster in the basement.
I have heard from others that they have bought some of these sadly neglected homes. Please be careful and do what you can to inspect these houses before you buy at an auction or from a bank. Not all are fantastic bargains. You never know where Bigfoot may be living!
*****
Lizette Fitzpatrick - Baby Boomer Real Estate Relocation Specialist with Prudential Don Foster in Richmond, Kentucky.
Rated number #1 featured Kentucky Realtor® on Activerain.com and Localism.com. Publisher/Author for the only Central Kentucky email newsletter on local real estate listings and sold properties, Kentucky relocation, local events, homeowner information and fun! For more information on Lizette, Kentucky Horse Farms, Prudential Don Foster, Madison County, Fayette County, Richmond or Lexington, Kentucky click on Lizette.us.
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Copyright © 2008 By Lizette Fitzpatrick, All Rights Reserved..*Surprised Kentucky Buyer Finds Bigfoot In House Bought At Auction*
Lizette, wonderful words of warning on never know what you're going to get with some of these auction homes.
Oh, no...mold! I've had my share just from condo living and other people. Yup..you did good and great advice to give to others.
Lizette, this is so funny and so serious! Well done!
Lizette,
I always tell buyers everything happens for a reason..... Although you are sad and unhappy now later you will see the reason.
Ann
Gary - A lot of these homes are major fixer uppers. People that barely have the money to buy a house sure don't have money to do all the upgrades required sometimes.
Sally - I thought about you as I wrote this. I remember your water problem. I would hate to go through that.
Nice headline and had to read. I am also looking at the homes around that have been foreclosed upon. One that's back on the market had an awful smell in a few areas and I'd think twice about buying something that at least I could not get in. Good blog.
Patricia - Glad I could make you laugh. I'm so glad I didn't bid on that house!
Ann - You are sooo right! It took me about a month to find another house.
Bob - Please be careful as you look for one to buy. Good luck!
I've had bad experiences that turned ou to be good one's too. I share them with some of my clients too when I think they are making a big mistake. Foreclosures are a scary business!
Unless buyers can steer thur expensive surprises,...we have them go full speed ahead right by foreclosures !
Great information, I hope everyone reads your blog. Forecloures is the new buzz word that I can live without.
Toni - Good advice for your buyers. Not all clients are good with repairs or have extra money to be able tfix major problems.
Sally - Some people like the movie 'Money Pit' too! LOL
Jack - I'm with you on that.
Lizette, it is way better to have Big Footings that Big Foot in the basement:)
Buying properties sight unseen should really be left to investors. The average homebuyer simply doesn't have the stomach (or the cash) to endure the challenges that often accompany this.
Lizette: If someone really had that bigfoot, they could be set for life.
Charles - Big footings would not be a problem. I wish I could see more of those.
Erik - Amen! The clients that barely have any money are the ones that ask me about these. As a Realtor, I have to stay with what makes me money. It's not from chasing the forclosures for clients.
Matt - I really wish I had found him in MY basement. I could quit what I do now for a living! Could you imagine?
Featured @ Club Chaos
Knock , Knock , Knock
who is there ? :) hello there, I Hope that you are doing well, I just wanted to say hello and great blog.
Ray Saenz
Great way to tie in a hot story to your great blog!
I am sure that there are deals to be had on the court house steps but I would like the benefit of at least looking at the inside of the home before bidding on it.
Lizette - I was hoping for a better hoax than the one pulled here in Georgia. But great point about the monster in the basement. Interesting that they would not allow an inspection. I have not seen that before.
Agreed with Don - I tend to advise buyers that they have MORE CONTROL and LESS RISK when they buy a foreclosed home that's already been cleaned up and overseen by a listing agent.
There are still problems in these houses, but we can look over the homes at our leisure AND make offers contingent on a full inspection - while still getting a nice deal. However, these homes are not the right choice for every buyer or every financing situation.
Every buyer should talk to an agent about their goals before having their heart set on trolling the foreclosures.
Great advice, also good to check your credit report. I was going to refinance once and when it was pulled the same amount of balance showed up. B of A had bought out MBNA and forgot to take the balance off. Yikes I had to make numerous calls to get the MBNA one removed.
Hi Ray! Good to see you this morning. I was just wondering what you have been up to! Hope all is well out there in Colorado.
Susie - I was thinking about how I was going to use this picture I got from the TV. It was some campy sci-fi thriller from the 60's.
Don - I had a friend that bought a house that way. She had plenty of $$$ to get everything fixed. She had invested loads of money to improve it.
Mike - Was that the one about having Bigfoot in the freezer? I'll be interested to see how many hits my statcounter gets today!
Suzanne - You are soooo right. Thanks for stopping by!
Missy - My experience was much like yours. There was a company that had bought an old debt that was supposed to have been removed. Then it popped back on. It took a couple of weeks to fight with them.
Funny spin, but it is a real warning for those buying into a major problem!
Good Morning Jim! Just thought I'd provide a little fun with your coffee today! Have a fantastic week!
Lizette, it is so true that people think a Foreclosure is a bargin. The reality is that the bank knows what the home is worth, they have probably appraised it 2 or three times before it got to the auction, and The bank is probably there bidding on it to be sure it sells for enough and no one steals it. buyer Beware is definately important.... it may be simple deferred maintenence but often it is a bitter home owner that rips everything out when they lose their home. It is not going to be the perfect house by any means... Assume the worst and hope for the best if you are bidding on a foreclosed home. I have seen copper pipes ripped out, kitchens gone, no fixtures ... not to mention the abused factor....
Lizette,
You have a very good point. I have inspected some of these where the home had, pure and simple, been vandalized.
Congrats on finding another house without BIGFOOT!
Ann
Robert - You are right! I've seen the previous owners strip out everything and the kitchen sink!
Steven - It does look vandalized once they leave sometimes. Like they are angry at the bank.
Ann - I'm so happy things worked out like they did. I love the house I have now.
Lizette,
The perfect house????
Ann
Ann - It's not perfect by a long shot but it suits me well. I think I'm a bit more jaded when I look at houses now.
Lizette,
I was joking with you about the perfect house. I have clients looking for the perfect house. I hate to burst their bubble but it does not exist even when you build it new.
Congrats on finding one you like,
Ann
Thanks for the post. It is really a good idea that we educate our buyers or buyer's agent to be cautious when going to these "deals".
Michael - Thanks! Some of these deals sound good to the buyers untill they are faced with problems they can't afford to repair.
It's scary to me for clients to buy homes we have not even been in, I only assist when we know we are buying for less than the land is worth.
Lizette great post loved the headline! I agree on the inspections on the foreclosures. Many of the investors I have worked with on them won't get a home inspection and it just doesn't make since. Would rather pay a nominal fee for an inspector than have to remediate for mold that has entered the wall structure.
Hi Lizette,
Thank you for the informative post. Speaking for myself, I would never purchase, bid on or recommend entering into a Contract sight unseen. Your post reinforces my conviction.
Anna - I don't think I would buy one that I haven't been in. I did have a client that lived out of state that bought one that way.
Hope -I agree with you. I've seen clients refuse them too. I also document that on the contract and have them sign to.
Hal - We are on the same page with this issue.
It's always a gamble when you buy a house at auction. No matter how much research you do, most of the time there's no way to truly know what you're getting.
In Florida, you can pretty much bank on the fact that "mildew" is everywhere. We have addendums to go with the contracts, which automatically assume that everything is mold, and buyers that never hire anyone to do an actual mold inspection. Now I have been in older homes near the ocean that have the distinct smell of mold, and my allergies are a pretty good barometer too. But I have yet to have a single sale where the buyer had a real mold inspection. Instead they rely on the home inspector to tell them if there's anything suspicious, then just renegotiate the price, or ignore it. It's totally bizarre.