How easy is it to buy, to fix, to sell a damaged, or even condemned house?

It's a real estate offering unique to post-quake Christchurch, so what is an "As Is, Where Is" property? How easy is it to buy, to fix, to sell a damaged, or even condemned house? What about the insurance payout - does it stay with the house, or leave the property? And is anyone keeping tabs on the repair process, to protect buyers 10 or 20 years down the track?