Home Buying in 13820>Question Details

J smith, Home Buyer in Oneonta, NY

is it worth for me to buy a short sale that has been flooded?

Asked by J smith, Oneonta, NY Wed Dec 12, 2012

Hi everyone I am a first time home buyer and i was looking for some advice on my situation. We have put in an offer on a short sale that we are really in love with. We just found out that the house has been flooded twice before and the seller never disclosed that. We are really interested in the house but we don't know if it is a good idea now. We were also now told by our agent that another couple will be putting an offer tomorrow and we have to decide if it is worth it for us to put a higher offer now.

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6
Unless the flooding has been properly and professionally remediated you could be entertaining a pack of trouble.....our best recommendation is to proceed with caution and take every percaution to protect your interests.

The fact that it wasn't disclosed may be an indication that the seller has something to hide....

Good luck,

Bill
0 votes Thank Flag Link Wed Dec 12, 2012
Ron made a point that MUST be emphasized....and expanded.....
NEVER FALL IN LOVE WITH A SHORT SALE...you will very likely get left at the alter.
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Flooded. Yes, I've heard about that house. We all have. The neighbor you encountered over the week end and reports the house has flooded twice. Reality is the toilet overflowed and water did soak the master suite. That is not a flood.
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A flood is when the Oneida River occupies the lowest 7 feet of the house.
Let assume we are talking about a real flood...and you really understand the need for flood insurance.
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With the guidance of your knowledgeable inspector AND contractor, the existing home must be assessed for any observable damage or residual damage from the high waters. Now, calculate the costs you MAY incur should the horror stories spun by the contractor and inspector come true. Do you have the bandwidth to overcome such challenges should they arise?
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If you have a low tolerance for risk, and the acquisition cost is close to market value....you may be on your way to owning a money pit.
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On the other hand, if you are getting it for 40% of market value and that cost is in the bottom 25% of the value ceiling of that community, you are looking at a great investment, but will need CASH, CASH and CASH.
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So it all depends...and love has nothing to do with it.
0 votes Thank Flag Link Wed Dec 12, 2012
you will most likely want to have a inspection on the home before you think about purchasing it.
0 votes Thank Flag Link Wed Dec 12, 2012
A decision only you can make; is your agent the listing agent...has the property been inspected ....
0 votes Thank Flag Link Wed Dec 12, 2012
Yes the agent is also the listing agent is this something I should be concerned with
Flag Wed Dec 12, 2012
Rule #1; don't fall in love with it, unless and until you HAVE!
It makes you do crazy things.

You can certainly walk-away; do you want to?
Don't spend any money on Inspections or Appraisal until you have a Contract.
You might ask a contractor to advise what re-furbishing would cost:
Is there mold along the baseboards?
Does the house smell?
Are there warped floors? (try rolling a marble across the floor)

Think about making a decision without knowing what you're getting in to.
0 votes Thank Flag Link Wed Dec 12, 2012
Is your agent representing you or the seller?
0 votes Thank Flag Link Wed Dec 12, 2012
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