As the title says, we are looking into a foreclosed home with an indoor pool. It will be sold at auction site unseen so I have no idea if the pool is filled, empty, green, moldy, etc. the home was build in 1975 and as far as I can tell there is no public record of major renovations. The biggest concern I have is the state of the pool which is located near the bedrooms. I hope some indoor pool owners can help me out in trying to imagine a worst case scenario. What could go wrong? The house is clearly empty and I can’t be sure since when but guess over a year. Thanks in advance for your help.
Purchasing a foreclosure with indoor pool
- Thread starter Sslice19
- Start date
What an adventure you will be on! It could be good and it could be very, very bad. Lets count the bad:
-rot-indoor pool = humidity- so if the walls and ceiling around the pool were not done correctly then you get wood rot or dry wall mess.
-mold- same as above
-equipment-can be costly if it is gone or broken
Are there ANY pictures of the house/pool?
If you end up getting the house/pool we will be able to help you fix it up and get it looking like a jewel. Let us know what happens. (There is no way to swing by and peek in the windows?)
-rot-indoor pool = humidity- so if the walls and ceiling around the pool were not done correctly then you get wood rot or dry wall mess.
-mold- same as above
-equipment-can be costly if it is gone or broken
Are there ANY pictures of the house/pool?
If you end up getting the house/pool we will be able to help you fix it up and get it looking like a jewel. Let us know what happens. (There is no way to swing by and peek in the windows?)
- Jul 21, 2013
- 52,481
- Pool Size
- 35000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-60
We looked at a similar house in DE a while ago with an indoor pool. Except we could get into it and see the condition.
What could go wrong? Assume you are buying a big hole in the ground and you will need to decide if you want to bring the pool back to life or abandon it. Assume all pool equipment needs to be replaced, pool resurfaced, HVAC system replaced, and walls/flooring replaced or refinished. Then if it is better than that you will be pleasantly surprised.
Indoor pools often create humidity and moisture problems in the house if the pool room is not properly isolated from the rest of the house and has it's own HVAC and ventilation system. Is the indoor pool in this house in the basement of the general house or in its own pool house?
I have looked at quite a few houses with indoor pool and there is a wide range of ways they are constructed.
What could go wrong? Assume you are buying a big hole in the ground and you will need to decide if you want to bring the pool back to life or abandon it. Assume all pool equipment needs to be replaced, pool resurfaced, HVAC system replaced, and walls/flooring replaced or refinished. Then if it is better than that you will be pleasantly surprised.
Indoor pools often create humidity and moisture problems in the house if the pool room is not properly isolated from the rest of the house and has it's own HVAC and ventilation system. Is the indoor pool in this house in the basement of the general house or in its own pool house?
I have looked at quite a few houses with indoor pool and there is a wide range of ways they are constructed.
My pool is in the center of my house, and it’s open to the living areas. Humidity is easy for me to manage because it’s a non-isss when the water is cold. When it warm, I keep it covered. While swimming, I run a high-capacity exhaust fan.
Thanks to the wisdom of the good folks here, my pool is my favorite feature of the house, and it’s Trouble-Free.
Thanks to the wisdom of the good folks here, my pool is my favorite feature of the house, and it’s Trouble-Free.
- Nov 12, 2017
- 11,849
- Pool Size
- 12300
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-40
I don't think this is what you're after, and I apologize in advance if this offends you, but this is what I'd tell my daughter if she came to me with this "deal." Now this is me, to her, mind you:
Walk away. They won't even let you see the property? What color is worse than a red flag? I wouldn't buy a 44 year old home even if I could get in to see it. The sellers (a bank?) know the problems are so bad that they're hoping to get any money at all out of the property. Could it be that it's so bad that anybody even looking at it would just walk away? I don't see how you can assume any less. "Hope is not a strategy."
I wouldn't bid over the cost of the dirt minus the cost of demolishing the entire structure and filling in the pool, which could conceivably net zero depending on location and local property values. And it could actually be even worse, if there are environmental issues going on. Fixing a house can be significantly more cost than building from nothing, even in relatively OK conditions.
I can't fathom paying for a house sight unseen. I might gamble the money it costs to inspect it, as a spec project, if that was allowed. Nothing short of that.
Here's your worst case scenario: you borrow money (though from which bank I can't imagine). Or you invest your life savings, or borrow from family. Now you're strapped in. You then enter into years of unplanned renovations, layers and layers of bad news, maybe even complete demolition, then environmental studies, engineering, permits, soils reports, etc, etc. $200K just to break ground kind of bad news. (This actually happened to a neighbor of mine.) And because you keep getting in deeper and deeper, you and your family are tied to this nightmare for decades to come. This could be a decision that could impact the rest of your financial life. Which is exactly what happened to a friend of mine. He's turning 70, and can finally sell his mistake for what he bought it for (not all the money he put into it over the years).
Unless you can afford to walk away from whatever you invest, you can't afford this place, at any price.
Again, just sayin' this is what I'd tell my daughter. I don't know you, or your plans or financial situation...
Walk away. They won't even let you see the property? What color is worse than a red flag? I wouldn't buy a 44 year old home even if I could get in to see it. The sellers (a bank?) know the problems are so bad that they're hoping to get any money at all out of the property. Could it be that it's so bad that anybody even looking at it would just walk away? I don't see how you can assume any less. "Hope is not a strategy."
I wouldn't bid over the cost of the dirt minus the cost of demolishing the entire structure and filling in the pool, which could conceivably net zero depending on location and local property values. And it could actually be even worse, if there are environmental issues going on. Fixing a house can be significantly more cost than building from nothing, even in relatively OK conditions.
I can't fathom paying for a house sight unseen. I might gamble the money it costs to inspect it, as a spec project, if that was allowed. Nothing short of that.
Here's your worst case scenario: you borrow money (though from which bank I can't imagine). Or you invest your life savings, or borrow from family. Now you're strapped in. You then enter into years of unplanned renovations, layers and layers of bad news, maybe even complete demolition, then environmental studies, engineering, permits, soils reports, etc, etc. $200K just to break ground kind of bad news. (This actually happened to a neighbor of mine.) And because you keep getting in deeper and deeper, you and your family are tied to this nightmare for decades to come. This could be a decision that could impact the rest of your financial life. Which is exactly what happened to a friend of mine. He's turning 70, and can finally sell his mistake for what he bought it for (not all the money he put into it over the years).
Unless you can afford to walk away from whatever you invest, you can't afford this place, at any price.
Again, just sayin' this is what I'd tell my daughter. I don't know you, or your plans or financial situation...
rajung
Well-known member
I'm curious. Is there a way you could post a website link, if there is one for the house? and address? I would like to know how this house is advertised, such things as wording in the ad for any red flag signs, even any pic's out there from past.
Maybe someone from this forum can catch something " reading between the lines"
Back taxes/ Liens also come to mind with a foreclosure, but not sure how that works
Depending on who and how auctions the house, at times they don't have to accept highest offer, sort of like a reserve.
Sometimes the total amount of bid must be paid in 30 days.
Maybe past owners knew they were being foreclosed on after failing to pay numerous bills and had enough time to intentionally trash the place top to bottom knowing the bank was getting it back. I guess its pretty common not to get to see inside of most auction homes due to that reason.
If this is a live auction I can see the frenzy building if more than a few bidders, and suddenly you bid waaaaay more than its worth and bidding against someone more than for the house.
This smells like an old ad from years ago" You can pay me now or pay me later"
A few years ago there was a house in Des Moines by my Brother, house was 5 years old, foreclosed, bank shut off heat at some point all the water lines froze and burst.
That one you could see inside, not an auction though. no one knew what happened. Ruined most everything and it sat for sale for 3 years until a home builder/ contractor bought it. They have the resources to rebuild and put up a good argument when they bought it for what they thought was fair
Maybe someone from this forum can catch something " reading between the lines"
Back taxes/ Liens also come to mind with a foreclosure, but not sure how that works
Depending on who and how auctions the house, at times they don't have to accept highest offer, sort of like a reserve.
Sometimes the total amount of bid must be paid in 30 days.
Maybe past owners knew they were being foreclosed on after failing to pay numerous bills and had enough time to intentionally trash the place top to bottom knowing the bank was getting it back. I guess its pretty common not to get to see inside of most auction homes due to that reason.
If this is a live auction I can see the frenzy building if more than a few bidders, and suddenly you bid waaaaay more than its worth and bidding against someone more than for the house.
This smells like an old ad from years ago" You can pay me now or pay me later"
A few years ago there was a house in Des Moines by my Brother, house was 5 years old, foreclosed, bank shut off heat at some point all the water lines froze and burst.
That one you could see inside, not an auction though. no one knew what happened. Ruined most everything and it sat for sale for 3 years until a home builder/ contractor bought it. They have the resources to rebuild and put up a good argument when they bought it for what they thought was fair
I don't have a daughter, but I'd advise anyone to never buy anything old/used sight-unseen!
Having said that, I bought my home from a family who bought it as a foreclosure during the downturn. I assume they saw it first, but I don't know that.
I know their purchase price was half of the loan at the time. They put very little into it and then of course sold it for a huge profit to me. Indoor pools? Can be awesome. Foreclosures? Can be an incredible windfall. Sight-unseen? That's just crazy!
- - - Updated - - -
additional note: we've since met the people who lost the house during the downturn. They're very nice and they loved the house. Their taxes and mortgage were staggering, and the value was much less than the mortgage. They finally had to let it go.
The lesson I want to learn for the next down-turn is to not hunker down in fear like I did last time, but to be aggressive and smart. (easier said than done of course)