Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Property that has had the water shutoff - how to protect?
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