Nervous about making this deal
Would anyone be willing to give us counsel on this property? We have put a cash offer on it and they've knocked off 25k of the purchase price, but are selling strictly AS IS, no further reductions from what the inspection has found.
Look at the photos of the basement; it's got major water issues. There are no serious foundation cracks, but the land around the house is graded towards the house, gutter spouts are too short, and there's no drain in the exterior stairwell leading into the basement. Also, the washing machines down there drain their water directly onto the floor in a low corner, where there's outputs...still, water spreads a bit on the floor and touches the walls.
There is mould on the floor joists, some floor sagging, and old termite damage.
Are we making a bad deal here? It would be our very first investment property. Thank you all for your time!