Fixer List - Detached
Fixer List - Attached

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Buying a fixer and working hard to bring it up to date can be one of the fastest ways to home equity.

They go by many names: cosmetic fixers, true fixers, and handyman specials. These homes offer, at a minimum, the opportunity to build sweat equity. When the home inventory is flush and there is a lot to choose from, "cosmetic fixers" whose curb appeal may suffer or that show poorly may sit on the market even though they are properly priced. If the homeowner does not want to spend the time/money to address the cosmetic issues, the owner has the choice of discounting it below market value or running the risk that it sits on the market. The good news for buyers is that some of these owners will decide to cut the price and sell the home.

When you log in at Registered-Plus and visit this page, you will get our complete list of fixers for the area.

For the do-it-yourself individuals who have more skills, there are homes with deferred maintenance. In rare circumstances, the home may have suffered such severe neglect that the value now lies only in the land with the structure needing to be torn down.

Buying a fixer is like buying any home. It really helps to know what you are looking for. For example, some investors want a coastal cottage that has taken a severe beating due to the proximity to salty water. Others want a neglected home in an upscale neighborhood. It is especially important to know what defects you ARE willing to accept and what you ARE NOT. This is because most fixers are sold "AS-IS" with no repairs; the price has been discounted to reflect the need for repairs. The candidate pool of fixers is a fairly limited one; by knowing what kinds of work you are willing to do (e.g., move a wall, repair a roof, fix a cracked slab) or to pay for, you will spend your effort on the best candidates.

If you are looking to buy a true tear-down, you should MAKE CERTAIN that you have discussed these issues with a good loan officer. This is critical because you don't want to have your deal fall apart because the appraiser estimates the house value at zero and the loan program does not allow for a land purchase.

Negotiating the purchase of a fixer should be thought through, as much as possible, on the front-end. After all, you'll be spending money for inspections and appraisals, and it can be disheartening to have your repair request be met with a big fat "No" and to then walk away from the deal. If the inspection report reveals problems that were NOT visible, then it is certainly OK to address them. If the defects are obvious (e.g., there are no window screens, the back yard is exposed clay, or there is water spot on the living room ceiling), you can ask questions like "Do you have screens for the windows?" But, when the home is marketed AS-IS, then a request like "Plant grass in the back yard" will not likely get a positive response. The best approach is to figure out what the home is worth to you and to negotiate the price you are willing to pay up-front, understanding that there are no screens and no grass in the back yard. This is, after all, a fixer-upper, and you will have the greatest gain by putting forth an offer that works for you rather than trying to piece it together 12 days into the transaction.