Viewing a Triplex tomorrow, any tips?

[Austin Keelen]

I'll be viewing my first home tomorrow, ever. My wife and I are planning on house hacking so this will also be our primary residence. 

1 building has 2 units. Both 2 bed 1 bath.

1 smaller home as a 1 bed 1 bath.

Home is a short sale.

We will be viewing the residence with the "Owner", their agent, our agent and my father who is a licensed contractor of 30+ years.

Any advice on what to look for or what to ask? Anything anyone missed and only noticed after they moved in? Thanks for the help.

[Jeff Copeland]

@Todd Fithian - That's actually a great tip - always visit any property at different times of the day. Some neighborhoods/streets have a completely different vibe in the afternoon (when the kids are out of school and wreaking havoc) and evening (when the adults are home from work and wreaking havoc)!

@Austin Keelen - Aside from the obvious look and feel and condition of the property...my word of caution would be about the short sale situation. Short sales are not for the faint of heart.

The seller/owner will likely accept just about any reasonable offer - but that doesn't mean the lender/bank will approve it.

If there is no bank-approved sale price, the lender/bank can take literally months (90 days is not uncommon) to come back with an answer - and often their answer is MORE MONEY - especially in an appreciating market. 

You may find a great deal. But that possible reward comes with the risk tying up your escrow deposit and stalling your home search, only to have the deal killed by the bank 2-3 months from now.

If you decide to proceed:

1. Offer as little earnest money as possible (you may not see it again for several months);

2. Make sure your offer/contract has a short sale addendum, and review it carefully. How are dates counted? i.e. When is your earnest money deposit due, and do your inspection period and financing contingency start on the contract effective date, or upon notification of bank acceptance? 

3. Know who is holding escrow and what their procedures are for getting your deposit back if the bank kills the deal.

Good luck!