Hi,
Here in the UK properties are sold in a number of ways; estate agents; online or by auction. Auctions can be good but with associated problems in that it's possible to end up paying a great deal more than the property is worth if going head to head with another bidder also a premium is added to the finished action price.
Estate agents and solicitors take forever to close a deal; our immediate neighbour got a buyer almost immediately for her detached bungalow way back in early June but is still here due to solicitors and many inspections etc; I'm surprised any property gets sold here due to the many rules and regulations involved together with eye watering high costs.
I understand what you're trying to do but to buy a damaged property is risky and could run you into many unexpected heavy cost repairs; you can of course reduce repair costs if you do all the labour and have the necessary skills but it's always the unknown just waiting to catch you out.
When my wife and I moved here into our dream detached bungalow on an absolute maximum mortgage and no spare money the dream disappeared within only six weeks of living here; water ingress brought in two ceilings during a heavy storm; the bungalow was fully insured so we claimed and the insurance loss adjusters visited us to inspect the damage then told us to get lost the problem being "Lack of maintenance".
We couldn't borrow more money and we couldn't sell the bungalow without a massive loss so we were stuck. The following 18 months was a nightmare living with buckets and bowls to try to catch the water; I kept going onto the roof nailing anything I could get my hands on like old lino. During the 18 months we put many extra hours in at work whilst we saved hard; we visited Marley Tiles and obtained all their technical literature while researching how to install a new roof ourselves. Because we needed a mortgage the building society had our bungalow inspected by a surveyor who must have known little about buildings. We'll never ever forget the experience and we detrest insurance companies too.
We physically replaced the main bungalow roof and the roof over the two roomed extension ourselves whilst people laughed at us; not the best of times or experience in our lives.
If you have an area in mind where you'd like to buy such a damaged property why not cruise around in the car having a good look and if you spot something you like then start asking questions regarding who owns the property etc. Let your friends and relatives know what you're looking for and spread the word but use a great deal of common sense and the very best of luck to you.
Kind regards, Colin.
