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Old 09-23-2019, 10:21 AM
 
9 posts, read 2,052 times
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I would like some opinions on my current situation:

Seller as accepted offer but I have not received their disclosures yet. I should be getting them in a couple of days. In the meantime, I started getting a quote for hazard insurance the day after the offer was accepted to make sure that it was not crazy high. The insurance company informed me that there was an $18K water damage claim in the middle of February 2019.

I spoke with my realtor and he checked with the listing realtor, and he stated it was a water leak on the 2nd Floor Master Bedroom Balcony. Since the current owners had a baby, they repaired and replaced everything in that section to make sure it was fixed properly and that there would be no mold.

The interior of the house was also repainted; therefore, there was no visible water damage or staining.

Timeline:

February 18, 2019: Water Damage Claim (~$18K)

May 8, 2019: House Listed for Sale


Besides reviewing the disclosures, the house inspection and mold inspection, what other inspections should I have done?

Anyone think the timeline, repainting the interior and listing the house for sale in such a short window means that the sellers are hiding something? Or am I reading too much into it?

$18K in water damage seems to be a significant amount; especially, for a balcony, unless the water pipes were going underneath it to the rest of the house.

I have the inspection scheduled this week but since this is the first "used" housed I have purchased, I am pretty much a "first time home buyer". The previous two houses, I purchased were new construction.

What are some things, I need to make sure to look out for? Would love to get opinions, recommendations and insight.

Thank you
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Old 09-23-2019, 10:24 AM
 
73,574 posts, read 73,400,278 times
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Check the property on clue ...it may be flagged as flood prone in which case the buyer may not be able to insure it or the amount is insane ...certain claims have both the insureds record dinged as well as the property flagged.. clue is like the credit reporting agency but for insurance
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Old 09-23-2019, 10:26 AM
 
9 posts, read 2,052 times
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Quote:
Originally Posted by mathjak107 View Post
Check the property on clue ...it may be flagged as flood prone in which case the buyer may not be able to insure it or the amount is insane ...certain claims have both the insureds record dinged as well as the property flagged.. clue is like the credit reporting agency but for insurance
Farmers stated they can insure it with the premiums being much higher and with a $5,000 deductible.
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Old 09-23-2019, 10:32 AM
 
73,574 posts, read 73,400,278 times
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Quote:
Originally Posted by David_2019 View Post
Farmers stated they can insure it with the premiums being much higher and with a $5,000 deductible.
There you go..... wate r damage can follow the property not just the person who put the claim in
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Old 09-24-2019, 07:00 AM
 
6,034 posts, read 1,541,711 times
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Quote:
Originally Posted by David_2019 View Post
Farmers stated they can insure it with the premiums being much higher and with a $5,000 deductible.
Wow, that's interesting. How much higher are the premiums? Did they tell you that? Would it only be if you used the same company they had? Can you get a different company? I sure the heck wouldn't want to pay an inflated premium because of something that happened before I moved it. Did Farmer's tell you would this be indefinite or would it be for only a few years? I would want the $$ for the inflated costs from the seller.
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Old 09-24-2019, 07:12 AM
 
Location: Virginia
4,141 posts, read 2,167,840 times
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Quote:
Originally Posted by David_2019 View Post
Farmers stated they can insure it with the premiums being much higher and with a $5,000 deductible.
A $5000 deductible? You better hope nothing goes wrong with that puppy!
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Old 09-24-2019, 07:30 AM
 
Location: New York
820 posts, read 494,163 times
Reputation: 2077
It doesn't seem suspicious to me, but that's because I went through something similar with a broken pipe early 2017. We found out the hard way that one of the copper water pipes in the wall wasn't properly insulated and it froze and burst. Had to tear out and re-insulate everyting + painting + drywall and carpet for about $40k in damages. The good thing is that the affected room and surrounding area were in much better condition after the extensive work, plus we spent a little extra $$ to have the rooms and floor insulated completely, leading to better savings on the heat bill in the winter.

So I'd say it depends, but in some cases, having work done from a claim can improve the property, if done properly.
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Old 09-24-2019, 07:45 AM
 
73,574 posts, read 73,400,278 times
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Quote:
Originally Posted by vladlensky View Post
It doesn't seem suspicious to me, but that's because I went through something similar with a broken pipe early 2017. We found out the hard way that one of the copper water pipes in the wall wasn't properly insulated and it froze and burst. Had to tear out and re-insulate everyting + painting + drywall and carpet for about $40k in damages. The good thing is that the affected room and surrounding area were in much better condition after the extensive work, plus we spent a little extra $$ to have the rooms and floor insulated completely, leading to better savings on the heat bill in the winter.

So I'd say it depends, but in some cases, having work done from a claim can improve the property, if done properly.
usually water issues are never going to be good ... CLUE reports get property flagged all to often because of water damage , especially from flood or seepage issues
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Old 09-24-2019, 08:47 AM
 
Location: Philaburbia
32,704 posts, read 60,589,514 times
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What was the source of the leak? Was it repaired properly to prevent future leaks? What was repaired? Is there a warranty on the repair, and if so, does it transfer to the new owner?
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Old 09-24-2019, 09:17 AM
 
Location: New York
820 posts, read 494,163 times
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Quote:
Originally Posted by mathjak107 View Post
usually water issues are never going to be good ... CLUE reports get property flagged all to often because of water damage , especially from flood or seepage issues
Yes, though seepage and flooding are quite different from a one-off broken water pipe. Also whether the repairs were made immediately vs a long-standing water issue would be relevant, along with whether repairs were made by a licensed business that handles water cleanup/repair (I once looked at a home with a basement water issue that the owner attempted to repair themselves, immediate red flag).
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