Need Advice
I recently bought a 3F house. When I went there, I saw another on the other side of the road, which is empty, some work being done. So I called the listing agent, checked it out and made an offer contingent on home inspection. When I went there, basment is locked, so we could not see pipes, heating systems, etc. The guy won't turn on water or electricity. It is very similar to the one I purchased, but price is 25k lower because it will be sold AS IS. 2 floors are done, 3rd floor needs some work. My tenants say they know people were living there 2 months ago, but the owner died and it is in the hands of the court.
Should I take a risk that I can fix up for less than 25k after I visually inspect the water/heating systems or walk away from it, losing the home inpection fee? I know I am not giving much information, but can costs run into a huge number?
In my area I belive that it is part of the MLS listing agreement that all utilities must be on and working unless it is new construction. Talk to a real estate agent and use him/her as a buyer's agent.
Thanks. I have a real estate agent. She has been talking to the seller's agent. That guy is totally uncooperative. So I guess I have to decide whether I want to get into this or not.
I'd be a little leery of buying a property without a thorough inspection. I've heard horror stories of buyers doing such and discovering that something HUGE was not right -- after the deed was delivered. The right to inspect is your ticket out. If the seller really wants to sell that property, they would/should make the entire premises available to you.
I agree with the last I would be very leery, but not give up. I would offer a great deal less. For instance if they wont turn on the water, tell them that since they wont turn it on you will have to assume ALL the pipes need replaced, so your offer goes down that much. etc etc. I have properties I call on evry month or so that are uncooperative owners. One took me over a year to close, but by that time I bought it at less than 40% of FMV. My advise would be to put it on the back burner and just call when you are bored.
Good Luck,
Kyle
Thanks a lot. I will offer a lower price. If he doesn't want to negotiate, there will be other opportunities.