Possible Maint. Nightmare
I found an out-of-state 4-plex from an mls my agent sent (he helped me buy another property in the same area). Its price has been reduced once already and it looks (from the picture) like it’s in good shape.
My agent tells me that those properties (built in the mid-90s) had some problems with defective construction: improperly mounted bathroom hardware, kitchen fixtures, cabinets that are pulling away from the wall, etc. He was going check to see if this particular one had been overhauled.
When he calls, he tells me that he doesn’t think it has and goes on to tell me that he’s hesitant to recommend it because of the problems he’s heard about BUT also that he’s afraid that, as a landlord himself, he might be impressing his views on the property where I might see something else.
Anyway, all this aside – can I ask the current owner for a list of repairs made one, two, or more years back to so I can see for myself if this is a maintenance nightmare or not? And, if so, he falsifies or withholds the complete documents can I later hold him liable?
You can ask for full seller disclosure. Are you sure the current owner has owned it that long? He/she can only disclose what he/she knows.
I would think that they would be more than willing to disclose that they have rectified all the problems your realtor told you about. 2ndly a good inspection with specifics of what to futher inspect should ease you mind a bit about these issues.
Thanks. Well, my realtor wasn’t certain, but he thought it had been sold a two or three times in the last 10 years (not sure if that’s normal, low, high, or even relevant). But let’s say they’ve had it for two years – problems are problems so I’d imagine that, given all but one of the units are rented, the existing tenants would have complained by now.
Can I ask for a seller disclosure *prior to* putting in an offer? I would definitely do an inspection regardless but I’d hate to throw away $500 at a property if the problems are so blatant that I could rule them out myself.