Buyer beware (Bradenton, Palmetto: real estate, foreclosure, appliances)

[Angelala]

I talked to my real estate agent about chinese drywall homes and she told me that she has people calling to get these homes. She told me about an investor that bought one for 30,000, tore out the old drywall and put in new and sold it for over 90,000. I asked her if they have to disclose that the house at one time had chinese drywall and she said no, they just advertise that the house has been remodeled. I am very surprised that it doesn't have to be disclosed, does anyone know if this is correct or not? Thanks.

[jvelte]

Originally Posted by Angelala

I talked to my real estate agent about chinese drywall homes and she told me that she has people calling to get these homes. She told me about an investor that bought one for 30,000, tore out the old drywall and put in new and sold it for over 90,000. I asked her if they have to disclose that the house at one time had chinese drywall and she said no, they just advertise that the house has been remodeled. I am very surprised that it doesn't have to be disclosed, does anyone know if this is correct or not? Thanks.

I'm not the expert on the subject, but as long as the drywall was replaced, I wouldn't think they would have to disclose that it once had it. Again, as long as the problem was fixed and there were no other problems with the house, would you still not want it?? If a house once had a large water leak and the floor was replaced, would that make a difference as long as it was done properly?

[Wack-a-Mole]

Originally Posted by jvelte

I'm not the expert on the subject, but as long as the drywall was replaced, I wouldn't think they would have to disclose that it once had it. Again, as long as the problem was fixed and there were no other problems with the house, would you still not want it?? If a house once had a large water leak and the floor was replaced, would that make a difference as long as it was done properly?

The 'Jury' is still out on if R&Ring the Drywall will 'cure' the problem.

I do love the 'Built in 2007, never lived in, totally refurbished' descriptions. I asked a Realtor once why this House, that was never lived in, needed to be 'refurbished'. Got the classic 'Deer in the headlights' look.

[yoko]

Originally Posted by Angelala

I talked to my real estate agent about chinese drywall homes and she told me that she has people calling to get these homes. She told me about an investor that bought one for 30,000, tore out the old drywall and put in new and sold it for over 90,000. I asked her if they have to disclose that the house at one time had chinese drywall and she said no, they just advertise that the house has been remodeled. I am very surprised that it doesn't have to be disclosed, does anyone know if this is correct or not? Thanks.

This is the second time you are warning buyers of fraudulent “flippers”. Thank you!
Making money in flipping houses seems to have become more difficult, a cut-throat-business.

As you know from the Chinese dry wall thread and great posts written by Homestager, to remediate a house infected with Chinese dry wall is not that simple and that is the whole issue with Chinese Dry walls.

Toxic chemicals get into fundament of the house. To properly replace walls $120 000 is needed. To build a new house cost around $66 000.
It would be great if you would mention which house was flipped illegally, so that officials can follow your lead.


Here is what Homestager has written on 05-12-2009 in the Chinese Dry wall thread by yachtcare on page 12:

“If they don't disclose, and sell it to someone clueless, who has a clueless inspector, they may risk getting sued.”

[tommy-105]

Originally Posted by jvelte

I'm not the expert on the subject, but as long as the drywall was replaced, I wouldn't think they would have to disclose that it once had it. Again, as long as the problem was fixed and there were no other problems with the house, would you still not want it?? If a house once had a large water leak and the floor was replaced, would that make a difference as long as it was done properly?

Would you knowingly buy a used car that had been in sewage filled flood waters if the upholstery had been replaced as a remedy?

I haven't been following this topic this lately, but I do know that one builder with a reputation to protect is gutting the homes completely down to the studs. All electric (wiring, panel boxes, appliances) and entire AC systems are torn out. Only cpvc and pvc plumbing pipes remain. The bare concrete walls and floors are then sprayed down with some kind of solution with a garden pump sprayer. Afterwords the building is left with the windows open for two or more weeks to air out.

Is Joe the home flipper going to do all this? Not likely.

Will there still be health issues for the eventual occupants? Who knows.

Angelala brings up a very good question!

[jvelte]

Originally Posted by tommy-105

Would you knowingly buy a used car that had been in sewage filled flood waters if the upholstery had been replaced as a remedy?

I haven't been following this topic this lately, but I do know that one builder with a reputation to protect is gutting the homes completely down to the studs. All electric (wiring, panel boxes, appliances) and entire AC systems are torn out. Only cpvc and pvc plumbing pipes remain. The bare concrete walls and floors are then sprayed down with some kind of solution with a garden pump sprayer. Afterwords the building is left with the windows open for two or more weeks to air out.

Is Joe the home flipper going to do all this? Not likely.

Will there still be health issues for the eventual occupants? Who knows.

Angelala brings up a very good question!

Tommy, why are you even responding to me?? Like always, you are trying to instigate an argument. It just never ends....
Sewage-flooded car vs flooded house floor... HUGE difference. The floor of your house doesn't have mechanical parts such as, oh maybe an engine, transmission, electronics, exhaust components, etc....
My (VERY CLEAR) point was that if the drywall issue had been PROPERLY repaired and no dangers exist, then what's the problem? YOU still wouldn't, and that is YOUR decision.

[tommy-105]

My point is that the damage goes beyond the drywall. Other components of the home are damaged as well. You didn't seem to understand this, I thought a flooded car was a good analogy.

Just replacing the drywall doesn't mean the problem is fixed. As the op stated Buyer beware!

Here's a thread I started on this topic a while back://www.city-data.com/forum/saras...all-homes.html

If you check out the thread, you will see that I asked pretty much the same question as Angelala way back then. So as you can see, this is a topic I was interested in long before you came along with your post.

[justNancy]

I've seen a lot of ads for houses with CDW. As everyone knows, there are some very extensive threads on this subject already. After reading dozens of those comments, I decided not to purchase a home with any signs of it.

I agree with both Tommy and jvelte. (how's that for diplomacy?)

It's a personal decision, but I do think the laws should protect the consumer and give the buyer the option of whether or not he/she wants to purchase a house that had CDW in it at one time. I mean, if it isn't dangerous, why cover up anything when you sell the "renovated" home?

[yoko]

Originally Posted by tommy-105

My point is that the damage goes beyond the drywall. Other components of the home are damaged as well.

It's amazing.

You take your time to write down right information for readers (thank you!) but in replies there is absolutely no anger shown toward criminals who are poisoning children and elderly with their fraudulent flipping of homes with CDW.

When housing prices are so cheap, why should one even bother to buy a "flipped" house and worry if it has CDW or not?


" A Colorado-based firm has bulk purchased the remaining units in the wake of the project's foreclosure and plans to sell them off at fire-sale prices.

SITTING ALONG THE MANATEE River in Palmetto, just across from downtown Bradenton, is now selling off the units, starting at $140,000. By contrast, units at Bel Mare were priced during the boom from $435,000 to $1.4 million.

...acquired the 53 units on Dec. 29 for $6.4 million, which translates to an average of about $120,000 per unit."


http://www.heraldtribune.com/article...-1/NEWSSITEMAP

[Coconut1]

Not sure about the disclosure or not, but I would make sure even if the drywall had been replaced you get not only a home inspection but an electrician out there as well. I've head the chemicals eat away at the wiring which makes it very unsafe.