Buying a house that someone started renovating
I have an opportunity to buy a house that has been torn back to the studs. New electrical and plumbing have suppossedly been completed as well as additional framing and new beams for the previous owner's planned layout. It is in a red hot area where prices have gone through the roof and anything priced reasonably has multi offers above list on day one.
The story I am getting is the owner/agent moved out of state and the contractor he had hired was hospitalized or became ill during the renovation.
I walked through the place and the work completed looked ok to me but I am not a builder and just a small time RE investor. If I were able to get it at a price worthy of the risk what steps would you recommend to ensure I am not buying something that needs a lot of the work ripped out and repeated or any other big concern I could be inheriting?
Make the offer contingent on some type of inspection beyond the normal stuff? Structural inspection?