Evaluating a property in Memphis TN. Newbie investor.
Just got the contract and it mentions that it is unknown that there ever was a "sinkhole" there, or about the foundation,
--Seller (is unknown) of a sinkhole(s) present on the Property. A sinkhole is defined pursuant to Tenn. Code Ann. § 66-5-212(c) as "a subterranean void created by the dissolution of limestone or dolostone strata resulting from groundwater erosion, causing a surface subsidence of soil, sediment, or rock and is indicated through the contour lines on the Property's recorded plat map."
--Seller (is unknown) that a single family residence located on Property has been moved from an existing foundation to another foundation.
--Seller (is unknown) of the presence of an exterior injection well on the Property.
Are any of these "red flags" for a property purchase in Memphis? Are these common issues? I have learnt a lot from BP and looking for recommendations on these from fellow investors and experienced folks!
These are common answers on this form. Not a red flag issue. If you are concerned you can always speak with the closing attorney. If I were selling you a house it would say the same thing.