Re: new to rei - Posted by B.L. Renfrow
Posted by B.L. Renfrow on June 05, 1999 at 18:32:13:
Not to throw water on your fire - and this MIGHT be a good deal - but foundation problems can be difficult to repair properly, so I’d get a couple of professional opinions, from someone whom you trust with experience in similar repairs. And you’re right about the potential for plumbing problems, which could also prove very expensive to correct. If it were me, unless I was very sure of the numbers, I’d probably pass on this one. Cosmetics are one thing, but major structural repairs usually send me running in a hurry.
Also, make very certain comps support the 90K figure; don’t take the agent’s word for it, as agents tend to inflate comps on occasion.
YES, the foundation problem MUST be disclosed to potential buyers, whether you install crown moldings or not. You might be able to sell as-is; depends on how serious it is.
Also, you don’t mention how you plan to acquire the property and what you intend to do with it. Those factors would also affect whether this is a deal or not.
Good luck…hopefully you’ll get some other opinions here too.