Question about a new home I am interested in buying... (wood floors, short sales)

[anthonylongisland]

I have driven past this home several times... it looks awsome on the outside....

Looking at the MLS listing, it says the following:

Appearance: Mint

BUT

No Heat, Pipes Have Burst. Buyer May Be Responsible To Pay Part Or All Of Negotiating Company Fee.

It is a "short sale".

Can i get some opinions. I can tell you, i have enough for 20% down and plus another 10-15 thousand to get the hearing fixed, IF that would be enough... does anyone have any guesses or opinions?

Thanks in advance,

[OhBeeHave]

You need to know what else was damaged when the pipeS burst. Are there wood floors, and if so, were they damaged to the point of needing replacement in addition to refinishing? Were the subfloors involved, spreading the moisture elsewhere? Did the water make it's way behind walls, soaking insulation, soaking sheetrock and setting you up for a mold problem?

Fixing the heating is only a small portion of the problem.

[anthonylongisland]

Originally Posted by OhBeeHave

You need to know what else was damaged when the pipeS burst. Are there wood floors, and if so, were they damaged to the point of needing replacement in addition to refinishing? Were the subfloors involved, spreading the moisture elsewhere? Did the water make it's way behind walls, soaking insulation, soaking sheetrock and setting you up for a mold problem?

Fixing the heating is only a small portion of the problem.

Do you think these are the type of things a house inspector would be able to look at and figure out?

Anyone have any experience with short sales in general? If the house is listed at say $300,000, is there still room to negociate? Thinking if there is $30,000 worth of repair, perhaps they would split it? Or, if it is short sale, the listed price is the price?

[Elke Mariotti]

Originally Posted by anthonylongisland

Do you think these are the type of things a house inspector would be able to look at and figure out?

Anyone have any experience with short sales in general? If the house is listed at say $300,000, is there still room to negociate? Thinking if there is $30,000 worth of repair, perhaps they would split it? Or, if it is short sale, the listed price is the price?

First of all, to list the house as "mint" is a (bad) joke!
That aside, most licensed home inspectors should be able to determine the severity of the damage from the burst pipes.

With regard to asking price and short sales, work with a Realtor who fully understands the process, and if possible, a Buyer Broker. Find out what the market price would be without the damage, and then go from there; the $300K may have taken the damage into consideration.
And no, the listed/asking price is usually not written in stone. However, how the package is submitted to the lender will ultimately determine whether or not the lender accepts a particular offer. Almost more so than the price... Again, work with someone who understands the process AND who works FOR YOU.

[OhBeeHave]

Originally Posted by anthonylongisland

Do you think these are the type of things a house inspector would be able to look at and figure out?

Anyone have any experience with short sales in general? If the house is listed at say $300,000, is there still room to negociate? Thinking if there is $30,000 worth of repair, perhaps they would split it? Or, if it is short sale, the listed price is the price?

To a good extent, yes.

My only concern is if there is damage which is not visible to the naked eye that's why I mentioned subfloors. We had a Franke water filtration tube go under our sink while we were away for a long weekend -- the water appeared to have been limited to one area, when in fact it had gone under a cabinet and traveled beneath the mudfloor the tile was laid on. It ended up 20' from the point it started under an 80 year old oak floor which had been in excellent shape. The damage to the flooring by virtue of the subfloor wicking the moisture along was over $5K.

You wrote that the heat is off -- if there's still moisture and the house has been allowed to sit unheated during the frigid weather we had last month -- I would be concerned about more damage if nothing was done to properly clean up after the burst.

I am more of a worry wart in that respect.

[HomeFinder15]

Anthony-
Another thing to consider with a short sale is which attorney you use. You should not use an attorney who has never done a short sale. I have a great attorney who knows the ins and outs of short sales. If you'd like his info, let me know.
Ann

[KENNY GUIDO]

most licensesd inspectors dont know anything. the inspector that came to my house mistook the bathroom vent for a boiler vent. he even missed the batch of termites in the garage.

[HomeFinder15]

You must use someone personally referred to you. It is the only way. And , they need to have a separate license for termites. Or bring in a separate inspector for just termites. Did you know your inspector??

[jamie1219]

i was always told to hire an engineer instead of an inspector

[Peter B]

If you're not a contractor, I'd find another house.