What's Wrong With This Old House?
I'm working with an extended family looking to buy a bank owned multi-family in Waterbury, CT. It was a referral from an agent in my office because quite honestly, not too many agents will come to Waterbury from the 'burbs to sell a $30,000 property with a 2.5% co-broke. I live in Waterbury and I'm new so I'm happy to take the client or as I like to say, "I want to thank the good people of Waterbury who are allowing me to earn while I learn."
The house they are interested in is a 2 family train wreck. The day I met these clients, my seller & I came straight from my 1st short sale closing so I could let in a plumbing contractor who was giving them an estimate to replace the missing plumbing and renovate the baths. Looking around, I started to wonder what's wrong with this old house and why properties like this one are trashed by their previous owners, and then abandoned. Is it like the movie, The Money Pit, where the danger lurks not in what you see, but in what you don't see? Pulling field cards for properties like this one, you see a vicious cycle of private ownership reverting back to the bank to be sold, "as is, where is" to another private owner who will in turn, lose the property back to the bank.
It dawned on me me that it wasn't contractors giving estimates on their narrow area of expertise we needed, but a house inspector who could tell us where the foundational skeletons are buried and what's wrong with this old house. Only then could the contractors be called in to tell us how much it would cost to remediate issues like sloping porches and interior floors, missing copper, leaky roofs, and electricity in need of updating.
My goal as an agent is to not only help my clients find a home but to make sure they have all the tools they need to stay in their home once the transaction closes. I explained all this to my buyers who were receptive to the idea. I provided the names of several home inspectors and will meet with the inspector of their choice tomorrow to see if the house is structurally sound. Only when I'm convinced this is a viable opportunity for my buyers will I be ready to move to the next phase: the cost to rebuild. I can't wait to hear what the inspector has to say. Stay tuned.