All Forum Posts by: Thomas Shields
Thomas Shields has started 2 posts and replied 11 times.
Quote from @Bruce Woodruff:
I used to actually search out distressed properties for that part of my business (as opposed to the custom home part)
I personally loved bad foundations (unless there was serious displacement on a slab), but horizontal cracks or an off-level raised foundation, no problem.
My no-no's were 1) cast-iron sewer lines (depending on the distance and terrain), 2) bad septic tank and fields (depending on same) 3) Structural issues (if severe enough)..
But having said this, if the budget was large enough, and it still pencils out as a money-maker, then you just have to decide if you want the hassle.
thanks for the comment, I appreciate it!
Quote from @Ray Lin:
Foundation issues are a deal breaker for me. I believe that everything else can be fixed in a house. You have add the cost of repairs into your home purchase. I know investors who buys foreclosures and they estimate the cost of repairs in their bids.
Thanks!
Quote from @Theresa Harris:
I think it depends on the person. For me, anything structural for sure. electrical, plumbing or HVAC would depend on the type of problem and the amount of effort and $ needed to fix it.
Thanks for the comment!
thanks for the comment, I appreciate it!
Hello all,
When buying a property, what are some things that are absolute deal breakers in a deal? How do you know if any needed repairs would be absolutely detrimental to the long term value of the property? I'm trying to work out a deal now that needed some repairs but the seller came down about 50% on the credit for the estimated costs.
Thanks,
Thomas Shields
thanks for the comment! Seems like this is all working out now and the deal is moving forward.
Thanks for the reply. Could we do this even if they are addressing the issue before closing? Have you had success with that?
Thanks!
I appreciate the advice!
thanks for the feedback!