Dodged a Cash Offer Nightmare

[Eve Favorse]

Hi BP Family, This week, I made a cash offer on an SFH and gave a 48 hour expiration notice. Was then informed that the seller did not want to return my $2500 EMD if an inspection revealed negative findings. I found an inspector to do a walk thru before my offer was accepted. That was the best $185 I've ever spent! The inspector pointed out structural issues, potential plumbing issues (hard to confirm since the water was not on but scary enough) since the house was built in the early 1900's. Some savvy flipper reconfigured the upstairs to add a bedroom but in the process, closed off most of the attic, leaving only a crawl space that did not even allow access to the entire attic! There were temporary support beams in the basement along with enough moisture to actually grow mushrooms in the basement crevices! Needless to say, I retracted my offer before my expiration period lapsed! The seller checked unknown for all disclosures citing they never lived in the house. hard to believe that they would not have gotten an inspection that would have revealed some if not all of these findings. I ended up making an offer on a multifamily today -finance deal so fingers crossed that my offer is accepted and the full inspection goes smoothly.

[Jay Hinrichs]

sounds like a typical fixer upper .. and very typical for that vintage home. nothing shocking here.