Reply #2: Good analogy

[Horse with no Name]

Except you understand when you buy this old house that it is "as is". Now if someone told you it was going to be different and they would INSURE that it was fixed, then it is a different applecart altogether.
For example...there are things you can do to fix the curb appeal that have nothing to do structurally. A coat of paint, cleaning up the yard (DADT, DOMA). These things are curb appeal and within 5 minutes and the stroke of a pen--they could be gone! Now THAT would REALLY fix up the place. It would add a lot of value to this investment. It would also take care of promises made on the way to the auction.