Fixer Upper with history of overdose
What's up BP!
Found a great fixer Upper that has huge potential In a great location.
Here's the issue:
A guy used to live there and then died. His son took over a supposedly lost his job and started renting the rooms to whoever paid. Two guys overdosed in the house and died. I spoke to some investors and brokers and I've gotten a bunch of different answers but these are my questions.
1: Do I Need to notify a potential buyer of the history of the house? (State of NY)
2: Do you think the history of the house will cause issues when it comes to selling the house?
3: Is it worth it or should I move on to the next deal?
Most Popular Reply
1. There are stigmatized property laws that preclude the owner from divulging information about the home that is not material to the sell of the property. In AZ, deaths in homes fall under that law and you do not have to disclose such information.
2. See #1.
3. If it is a good deal and the home itself isn't located in a drug den or awful neighborhood, it could be a good deal if the numbers work out.
Check your states' laws for stigmatized property rules.