Every property is different. Every client is very different. The funny thing is that every deal brings a new voice of reason for the future.
Last week we had situations arise for a particular property. The home is quite the deal. It has an income producing property on the premises that pays for nearly half of the mortgage. The home is located right in the heart of Hollywood with convenience to everything.
The situation #1: First the home was built in 20's which is very common for homes in Los Angeles. The home is lacking a proper drainage system which can affect the foundation of the home in the long run. When it rains, the water goes directly under the home which can deteriorate the foundation.
Simple Fix: Installing a gutter system on the home so any water can properly drain away from the home.
The Situation #2: The first foundation inspector that inspected the property noted many findings on the property that were minor fixes, but were magnified greatly. Having a first time home buyer who is making one of the biggest investments thus far can be somewhat taken back and utterly concerned.
Simple Fix: Always have a second opinion when "potential" threats to the integrity of the home have arise. Inspectors make a living because most people fail to maintain their homes. They also make a living on minor threats that can simply be fixed with a handyman or most likely is no threat to begin with.
The situations played out in a much more dramatic 48 hours than that of a Shakespeare sonnet. But none the less educating and quite awakening.
Rule of thumb: Before you walk away from a deal, get a second opinion. "Two heads are ALWAYS better than one."