All Forum Posts by: Ryan R.

Yes, thats a good point, the realtor is pushing to close. I'm going to stay in control of this deal and not commit to anything in a rush.

Thanks Rob. For sure I would want some type of language in closing that prevented complete deed transfer until all funds were completed; if such a thing exists.

Have you got any more insight on the second option of a non-refunable deposit? What's appropriate, 10%, 5%? Then we would agree on a scope of work and close once it's complete and both parties were satisfied?

A lady walked inside my rehab yesterday while I was installing some window casing. She was interested so I gave her the tour. She told me that, " you might have just sold this house". I've heard this throughout my career, being in Marketing & Sales, and didn't take it too seriously. She came back today with her realtor and made an offer.

She wants to structure the deal so that she gives me $100,000 on Friday and close that day. The remainder of the sales price will be in an escrow account until completion. My concern here, are problems creeping up that are not in our soon to be scope of work.

Should I instead ask for a non-refundable deposit, much less than $100,000 and then sign a contract that doesn't close until completion? What's the best way to structure this deal?

@Bill Briscoe I haven't used any of the pad attached laminate. It seems good, just haven't tried it yet.

This is a recent photo of that same floor above Jon. The samples on the island are Lamton 12 mm laminate. I installed some a couple weeks ago and the finish, color and texture are improved. It's pretty impressive for laminate. Cost about $1.69 per sq ft.

@Jon Klaus that is "Earthwerks" engineered hardwood. It's got great grain and texture. I probably paid too much for it but its beautiful; about $4.00 per sq ft for just the wood.

Need more info but here's my best guess.

The water damage from the roof and the floor sinking are probably unrelated. Wood can be exposed to water for long periods of time before structural damage starts to occur and my guess is that there would be significant rot at the ceiling.

You've probably got a pier/post support failed under the house and is causing the sinking. The fix could be relatively simple and cheap.

While other investors run with the assumption that this house is ready to be bulldozed, call some local foundation companies and get some quotes. It'll probably surprise you.

There is absolutely no way to accurately gauge foundation repair costs from the information you provided.

What's the ARV of this house? Is the seller already discounting the price based on the foundation issues?

I wouldn't agree to the language that strikes your ability to terminate after inspection. That's like buying a car without test driving it; what's the point unless there's something to hide.

About 3 weeks ago I had a foundation repair company come take a look at a house I was interested in purchasing. The house exhibited signs of foundation movement; cracks in drywall around doors, sticky doors opening and closing etc. The foundation company said there wasn't enough movement to warrant repair. Foundations move and shift a lot more than people think.

Lastly, the house is only $23,000. I've been in a few houses around that price point and yours sounds like it's in pretty good shape. These would have taken a lot more than $10,000 to make livable. The old saying "it is what it is" applies here.

@Rob K. http://en.wikipedia.org/wiki/Digital_subscriber_line

It sucks but it's probably the most common internet connection worldwide.

She can also try a different phone jack if there are others in her unit. It's most likely a wireless router, so it doesn't matter where the router is placed as long as its within close proximity (50'-100') of her devices.