Purchasing a partially renovated home
I'm wondering yalls thoughts on purchasing a home that someone has already started renovations on. Does the seller have to disclose if they ran into a serious problem? Would you approach the inspection any differently? Any thoughts would be appreciated.
Looks like a good one, $50000 PP, $25000 rehab, 125000 ARV
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- Real Estate Broker
- Cody, WY
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Real estate is "caveat emptor" which means, buyer beware. It is your responsibility to verify all information regarding the property. If they say it's on a 10,000 sq.ft. lot and the county server says the same, that doesn't mean it's true. They sometimes have mistakes and it's your responsibility to verify. Age of the roof? Verify. Cost of utilities? Verify. How much they made last year on rent? Verify. What the current tenant is paying for rent, how much they paid for a deposit, when their lease ends, and how many animals they are allowed? Verify.
There are certain things a Seller is legally required to disclose, but they are few. Talk to your agent for specifics in your state.
- Nathan Gesner
