Home Tour/ Inspection Unexpected Discoveries
I recently found myself touring a property with my agent. The house was in good condition with an updated interior. It hit almost all my check marks and was in budget.
The agent told me that he was talking to a another client in California and was going to show him this house next week. My initial response was to say, "No-no-no good sir! I want this place for myself!". The house wasn't perfect; it had a small yard and was farther from city center but everything else was so pretty!
Upon completion of the tour we returned to our cars outside. By this point I'm pretty much down on my knee proposing to this deal and making an offer. Then I actually looked down at the ground near my feet. There was a turd on the driveway. Gross, but no big deal. Did the neighbor have a dog? That's unfortunate timing right?
I then noticed all this white material on the ground surrounding said turd. Was that toilet paper? I then realized that what I saw as a singular turd was just first in a stream of excrement that ran down the length of the drive way. My agent looked down in horror and then looked at me. We both stared at each other silently for a good 20 seconds. He then laughed nervously, "Wow, looks like the sewer line clean out must have ruptured."
No sh*t sherlock!
It was then that I realized how much I didn't like the house. The yard really was cramped, the neighborhood didn't look inviting, and the floorplan felt weird. You can safely assume I wont be moving there soon.
I feel like there is a life lesson or two in here somewhere. Have you had an experience where things looked great until a discovery or inspection radically changed your perspective on the property? Would love to read your stories below.
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#1 Legal & Legislation Contributor
- Rental Property Investor
- Hanover Twp, PA
@Alex Coward, your story didn't really make sense. THAT is the smell of MONEY my friend!
Any distressing condition, especially ones that the seller is forced to face is an opportunity for a better deal when you are prepared to deal with those things.
I went to see a house over the summer. Upon arrival, the tenant would not answer the door and let me in. Come to find out the tenant was doing that with almost all confirmed showings! The house was in functional but distressed condition.
I IMMEDIATELY made two simultaneous cash offers! One where I did inspections and the tenant needed to be removed before closing and a LOWER one with NO inspections and the tenant could stay. THEN I talked with and convinced the seller's agent that the seller should negotiate on the LOWER offer and they did just THAT!
I ended up with a deal around 20% UNDER asking in a market where the house would normally have sold for asking or a little over.
I immediately got the tenant situation under control after closing and its been very good so far.
Quote from @Alex Coward:
This is a good example of what could happen when you make decisions based on emotions instead of cold, hard facts.
Yes, it may have been an opportunity to get the property well below market, but then you'd still be stuck with a property that doesn't meet your criteria.
1) Duplex in Houston near UH. Good size, good yard, and the ever present "needs some TLC" in the listing. Got inside the first unit and noticed a hack job of contracting. The house was originally a single family home converted to a duplex and nothing was set straight; for example, a kitchen light was controlled by a switch hidden inside a wall, the pantry was in an old fire place, and it was leaking water through the threshold of the first unit. In the back, there were siding issues and the second story staircase and deck were not up to code and not attached to the dwelling
2)SFH in San Antonio. Good house in an older part of town. Upon walking through it, we could feel a dip in the foundation. Looked outside underneath, and a joist had rotted out. That wasn't the deal killer; it was the dog fighting ring behind the garage. :o