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Updated over 5 years ago, 06/13/2019

User Stats

53
Posts
26
Votes
Michelle Martin
  • Rental Property Investor
  • Los Angeles, CA
26
Votes |
53
Posts

First week of escrow, foundation issues discovered. What to do?

Michelle Martin
  • Rental Property Investor
  • Los Angeles, CA
Posted

I've never posted on this site but I have been lurking. I'm in escrow on my first investment property, in Cincinnati. I kind of broke the rules with this purchase because I don't have a team set up or anything. The property (4-plex) was such a good deal, I couldn't pass it up. I received bad news from the home inspector today, he found foundation/structural issues and recommended that I have a structural engineer inspect the home. I took his advice, and the home will be inspected tomorrow. If the property needs like $15-$20k worth of work on the foundation, can I renegotiate the purchase price while in escrow to cover those repairs?

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