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Updated over 8 years ago, 07/23/2016

User Stats

91
Posts
54
Votes
James Bradin
  • Rental Property Investor
  • Destin, FL
54
Votes |
91
Posts

Lightning Struck Property

James Bradin
  • Rental Property Investor
  • Destin, FL
Posted

I am analyzing a multi-family property that I am considering investing in. The numbers appear to work out for what I want to do. The biggest red flag that I have had come up is the fact that the property was struck by lightning last fall. The MLS listing says that the home has been completely remodeled and all new appliances. My real estate agent then told me that the entire electrical wiring had been replaced. She told me to contact my insurance company to pull the claim for what exactly happened. They were unable to pull it, so I did some research on and basically found an article that said that they lightning strike caused water and smoke damage. It also said that the fire department was called and all tenants had to move out. I asked the selling agent to provide me with the claim so that I can see the extent of the damage (my insurance called it a "Clue Report").

 I was wondering if anyone had anything similar happen to them?

I know that its personal preference, but would this be a deal breaker (assuming it still passed home inspections)?

Would this be something you would bring up to potentially talk down the price (it is already priced well above market value)?

Thanks

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