Property that has had the water shutoff - how to protect?

[Todd Heintz]

Hello BP team:

We are considering a couple of properties that have had the water shutoff for in one case almost 3 years.  We are in the northern part of Illinois so freezing pipes are a concern.  One is a foreclosure and the other is an off-market deal.

My question is what is the best way of protecting ourselves from the possibility of finding split pipes? Note: In both cases there is no sign of any winterizing.  The meter has been removed from the property.  

• Contract language?
• Insisting they turn the water back on before we close?  (I don't see the bank doing that and I am not sure I want to incur that expense either. Maybe.)
• Using this unknown to negotiate a better deal to cover the cost of repairs if in fact there was an issue?
• Any other ideas?

Thank you in advance for your advice.

Best Regards,

Todd

[Brandon Hicks]

If you're going to invest in foreclosures then you just need to assume that you have busted pipes. Put some fluff in your numbers to cover the expense of fixing them. If they're not busted...then you can use that fluff elsewhere.

Seriously though...if it's on a basement or crawl then fixing water lines isn't a big deal at all.