Real Estate Investor · roscoe, IL · Member since 2009 · 131 posts · 8 votes
Hi,
I just checked yet another house in a very nice locality. This is bank owned. The house needs major renovation. The asking price is still high which I think will come down in the next few months. Once renovated this house can sell pretty quickly. At least that is my assumption. However when I checked out the basement some of the edges had water. I did not find mold in the basement though. I would like to know if this is a major issue or not and if there is any moderate expensive way to remedy this situation. Also my research shows that this can be a nice rental after complete renovation provided the purchase price of the house comes down. Thanks
Real Estate Investor · Member since 2009 · 88 posts · 48 votes
15y
The first thing I would check would be the gutters. Sometimes a full gutter that overflows will cause a wet basement at the edges, since the water cannot be directed away from the house like when it goes down the downspout.
If it is just a little water around the edges I am almost certain that this will be your problem. If the basement needed drain tile and sump you would likely have a huge mess down there after almost any rain storm.
Also, if you are dealing with an old house with a stone foundation, I always dry-lock the foundation walls on those properties, because they all leak to some extent if you don't.