Should I Make An Offer Based on This Info (New Jersey)?
First time posting in this section.
There is a Fannie Mae HomePath Property home (foreclosed) that my business partner and I are interested in making an offer on. We will use hard money for the loan (the interest and points are fine for us), but I'm concerned about a few things:
1. The back of the home has a hole in the wall and one of the structural beams has been impacted - it appears as if it has suffered some light damage, although nothing major. The township says that before the home was bank owned it wasn't condemned.
2. It has an open sewer permit and the township requires the septic to be 'closed or abandoned' since it is now hooked up to a public sewer line.
My question is: since the township can condemn a home after it becomes owner-owned, is it worth investing in? The structural beam concerns me although my contractor claims that it can be fixed and shouldn't be an issue. If we buy it to rehab and flip and the township condemns it we're out of luck. How horrible does a house have to be before it can be condemned?