patrick.net

I'm a buyer to use as a potential dog house (would have to fix it up quite a bit) at 100K tops. I'll just wait out the seller, or the next fool that thinks 225K is a great deal on this pile of junk.

Just what 100K worth of work do you think is needed on that place?

That is one of the biggest issues with the current and bubble mentality. Banks, and the NAR convincing everyone, that a seemingly livable house, needs 100K of repair before you can move in. Banks use this fear(logic) to with hold viable affordable houses for your average income earner. By telling them, "Oh you can't move into this house, it has 20 year old appliances, no bank will loan you money on this house, it needs a $30 bathroom vanity and sink, you can't live in this house it needs cabinets, and not some cheap Home Depot $1200 cabinets, why it needs at least a $40,000 custom cabinet job.

If you want to debate if that house is worth 225K or not, hey I'm with you. But to say that house needs 100K worth of work is just silly and foolish.

Taste is one thing, but peoples taste shouldn't be affecting the RE market, when it comes to must haves versus, "That will do".

CaptainShuddup says

Just what 100K worth of work do you think is needed on that place?

I would buy for at most 100K, and then put in the work needed to make it so the house kept out the rodents and mother natures attacks. Currently, with no work this house would be blight in about 1 year. It is just lucky that we haven't had much rain the last couple winters.