First Deal - Inspection Revealed...

4 Replies

Not exactly the news I was hoping to hear. My inspection today revealed a little bit of mold and water accumulating in the basement (this is attributed to the property not having gutters that I was planning on replacing in the first place).

Additionally, the property also has about a hundred square feet (that we can tell) of termite damage to the subfloor. There are also some slight foundation movements and cracks but nothing truly fundamentally catastrophic -- just things I would want fixed ASAP.

The seller is an attorney whom moved to Mexico and is liquidating his portfolio - this being the last one of the bunch.

I am currently awaiting the report from the inspector. What is my next play?

See if you can renegotiate the terms and ask for a reduction in price based on the inspection results. good luck

Ask the seller to reduce the price, if he doesn't then just walk away. don't want to be dealing with Foundation issues, and termite damage.

Remember the termite damage the inspector found is just what he seen. Termites go all through the wood, so there is probably more termite hollows through out your subfloor and joists.

All easy fix stuff. You need a good handyman or contractor. We deal with these issues all the time on flips.

@Evan Manship  I love it when I get to tell a seller mold is present they get to drop their price or legally disclose it on the next sale. Just saying

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