I have done many of these and presented the client with the results. Many times, and especially with young couples who have watched too much “This Old House”, they just go ahead and buy the places. I even ran into a lot of “less-than-professional” contractors who convince these buyers that the repairs will cost way less than I believe they will. I have also had many past clients call me back, months or a year later, and complain about the work these clowns did for them. Kinda sad when you have to explain to the client that the $40K they just put into a 3 flat, for cosmetics, was a waste of money and there are still $50K worth of structural and infrastructure work to be done. Kinda like telling peiople that they have cancer.
As Barnum said, “There is a sucker board every minute”.
The problem is, and what the banks want to have everyone believe, is that the only houses out there that are “deals” are the forclosures. Problem is, around here, that there are only about 5 agents who handle all the forclosures, and they notify their rich “invenstor” clients when they come on the market, but before they get listed. This leaves only the “less than standard” properties out there, and there are always some “sparkle in their eyes”, wild-eyed and inexperienced people out there who want to believe that this pile is really one of gold.
At least that’s the situation around here.