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Updated almost 8 years ago,

User Stats

23
Posts
11
Votes
Ryan Jenks
  • Investor
  • Lodi, CA
11
Votes |
23
Posts

Seller didn't disclose anything, & after 3k of inspections...ugh!

Ryan Jenks
  • Investor
  • Lodi, CA
Posted

My offer was accepted on a 14 unit apartment.  I knew it needed new windows and was built in 1950.  In the purchase agreement forms we signed, he wrote NONE in the disclosures.  He showed the best (only good ones) 3 units.  I am out of state and so I hired an inspector to do the due diligence.  After finding asbestos, lead and multiple units with massive mold, we highly suspect a meth lab is in one of these units.  The amount of dry rot is immeasurable - big holes in shower walls duct taped over. One unit looked abandoned and after 9 days still hasn't provided any financials (supposedly has 13 of 14 rented).  I asked for proof of deposits so I know tenants are real and paying real rent, and he said he couldn't provide that because it gets mass deposited with everyone else's rent (he manages 350 units for other people around his town).  I think I found out why it was listed 2x before and didn't sell but jeez... is there any recourse I can take for having $3,000 in different inspectors when this stuff should have been disclosed!?!?  Or is this just part of the game and I should count myself lucky that I could run from a fraudulent liar while I still had the shirt on my back.  Thanks for any help!

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