House Auction - Structural Defect

Today, HZG went to an auction viewing / bidding for a "small bungelow in need of TLC - a handyman special."

For those of you who have never been to an auction for real estate, you can sometimes get a good deal. Most of the time, unless a house is in need of TLC, the home will sell to a family that REALLY wants the home - even if they pay too much. This home that we went to was one that had potential to be a money maker.

Upon arrival, there were 15-20 people there to inspect the home. We were able to go through it quickly and assess the repairs / energy savings improvements / cosmetizing that the home would need. Upon completion, we figured the bank would only have to PAY us a few thousand to take the home. However, this blog is not about the auction so much as it's about blind people purchasing a home. Blind in the figurative sense, that is.

We typically start off in the basement and work our way up to the attic (unless of course it's a slab home...). The basement was enough to say "enough." It was clay tile - which in itself isn't that bad; however the bottom course was pitched at a 45 degree angle sloped to the floor. Yes, the wall was coming in and would need replaced due to the structural and moisture issue. The upstairs directly above the wall in question was cracked from floor to ceiling. We stood in the basement discussing many things - the snow, the next auction, a current property being completed - as well as listening to the blind people. One by one we listened, waited, and then did our duty as good citizens to show them the issue. Apparently the majority of people at this home had heads that didn't pivot downwards. Once we showed them the issue, they realized that this potential deal was less attractive.

Moral of the story? Pivot your head in many directions when viewing a home - up to the ceiling and down to the floor. It's amazing what you'll find.

Should we have stayed longer to inform everyone? We didn't - but at least we left with a clear mind knowing that at least we told the people we saw. Even the seasoned investors missed this...

On a positive note; the attic was insulated fairly well...