If you are dealing with an agent, the agent would have shown you the listing
via the MLS (multiple listing service). In the listing there may be language that
the property is "as is" or a note to see the addendum, where a note may have
been made to say that the house is as is, or does not have a hot water heater
If this house was a short sale or being sold by the current owner, they might have made
a note of it in the disclosures of the property when asked if there was anything
wrong with the furnace or the hot water heater... that is where you would have
seen the information.
If this property was owned by the bank, you would not see that on the disclosures because
technically the bank does not have to fill out disclosures because they never actually lived in
Regarding termites, same goes there... plus, a person may not disclose that they have had termite damage
because unless they have had an inspection, they have no knowledge of termites... this would be uncovered during an inspection, or if you saw the house and know what to look for - you may have seen it yourself.
I am always curious how a person steps into a situation:
Were you using a Realtor?
Was this a short-sale or foreclosure?
Did you have access to the actual listing, or did you see it on a secondary online site?
1988 Olds, 225,000 miles, rusted, needs exhaust system and tires. $2,500
There is plenty of opportunities for the negatives.
You are talking about $5-$10,000 repairs on a house that sells for (what; $500,000).
Maybe it needs a new kitchen too, ($40-$60,000)
Good luck and may God bless