Quetsion about a water leak in a peoperty that I might buy

3 Replies

I am looking at a 2 unit property in a nice area. Asking price $69,000. Offered $72,000. My real estate agent informed me that she received an addendum from the seller's agent, indicating that the water in the upstairs unit is off, possibly because off a leak, possibly from the bathtub. Should I consider pulling out of the deal? I am new to this. All responses we be welcomed.

You should certainly consider pulling out of the deal, but more importantly you should find out for sure why the water is shut off. If it is because of a leak, what are the costs associated with fixing it, and the extent of any damage that previous leaks have caused to the structure.

Water where it shouldn't be is probably the worst enemy of any structure.

Why did you offer above the asking price?  Is the market that competitive? 

What does the addendum say? BEFORE signing anything else, have an inspector or plumber get in there and look at the upstairs unit.  Make sure the water is turned on before then.  If the seller refuses to turn the water on, I would be very cautious moving forward.  

@Wave Taylor fixing a water leak is certainly not the end of the world. I have fixed half a dozen leaks in the past year in my portfolio. If the leak is in the wall, anticipate spending in the $500-750 range to fix the leak/repair the damage after the plumber has repaired the leak. If you can find a handyman, you may be able to keep this number down a bit as well.