Big Issue at Final Walk through
Hello All,
I am in the process of buying a rental property in Philly and I live out of state. We were to close today so I had my agent do a final walk through yesterday. When he got there he found that the bathroom on the second floor had been leaking and water accumulated in the first floor ceiling and finally broke through the dry wall spilling water onto the wood floors below. From what we can see it is possible that its been leaking for weeks.
Has anyone come across this before? What did you do? Did you back out or renegotiate? The seller is going to make the repairs now but not sure what I want to do.
My gut is telling me I should back out. Water damage is pretty serious and who knows how the work will be done.
If I do go ahead and have them fix the issue should I ask that I be given the invoices of the work that was done? Should I have them do a mold analysis? I would want them to replace the wood floors and also check to make sure that the recessed lighting wasn't compromised.
Is there anything I am missing?
Appreciate any insight.
Thanks!