Long Beach, CA · Member since 2016 · 24 posts · 9 votes
Hi Everyone!
I am a new investor and after reading "The Book On Rental Property Investing", "Buy, Rehab, Rent, Refinance, Repeat", "Long-Distance Real Estate Investing" and last but not least "The Book on Estimating Rehab Costs" I have a question for a part of the process I cannot entirely understand yet...
Say you were going to buy a house cash with the intent to rehab it and it's under contract, with an inspection contingency. Something major comes up on the inspection report such as a bowed or cracked foundation wall. Are you able to have a structural engineer give you a report on what it would take to fix and go get bids from qualified foundation repair companies prior to purchasing it? What do sellers tend to do in this situation ? Thank you all in advance for the great advice!
Short answer: yes, that's why there is an inspection contingency. What do sellers do: that varies greatly. I'd say it's a large enough item that will scare the seller.
If it's a significant foundation issue might want to let someone with expertise handle it or budget to have an expert deal with it.
Morton, IL · Member since 2018 · 25 posts · 13 votes
6y
I've gotten out of Contracts before due to Inspections. If they do not do the work you request, then you can get out. One tried to give me bogus invoices to say the work was done, but it was not, so we got out of it.