Offer accepted in PSL, now what ? (Florida City: foreclosures, rental, insurance)

[quattrohead]

I made a trip down to PSL a few weeks ago and looked at several smaller properties, with an eye to rental or clean up and resell. I have an accepted offer on a 2 bed 1 bath house that needs minimal work to make it livable again.
I think I can do all the tax, electric, water etc remotely, have keys mailed up to me until I can go back in January and work on it.
Is there anything else I need to consider and work on in the mean time ?
It is the first time I have done this in another state, but I do have 3 rental properties with 7 units in total up here in MA, so not a total novice !!!
Cheers all.

[SeaLark7]

Even though it is a fixer-upper, I assume you will still have it inspected before closing on it ?

[FlaLadyB]

Inspection big time! Termite inspection too since I would think it's frame unless its a cbs condo. Make sure the water and electric are turned on for inspection.

change the locks.....and make sure there are no leaks in the house BEFORE you turn the water on after closing on because they will NOT turn it on at all of they see the slightest move of the dial.

good luck!

[City__Datarer]

Originally Posted by FlaLadyB

Inspection big time! Termite inspection too [boldface added] since I would think it's frame unless its a cbs condo. Make sure the water and electric are turned on for inspection.

change the locks.....and make sure there are no leaks in the house BEFORE you turn the water on after closing on because they will NOT turn it on at all of they see the slightest move of the dial.

good luck!

Just curious, how prevalent do you find termite problems to be with wood frame houses? I strongly agree with you about the need for the inspection (I personally would have one done if I were buying either a wood frame or a concrete block home) but am just curious whether it's a frequent thing that deals fall through because of termite issues.

I've heard different viewpoints about looking at wood frame homes--everything from that they're worth looking at as long as you do your due diligence, because it's all in how the home has--or hasn't--been maintained, to, at the other end of the spectrum, just avoid them in Florida.

OP, if you do wind up purchasing this home, I'd be very interested in reading about your experience with getting it into shape if you decide to post the details (how much time and work it took, whether it was pretty straightforward or you run into issues). And I hope everything turns out well for you.

[FlaLadyB]

Wood frame houses are very prone to termites - especially in Florida. They aren't always easy to see since there are also termites that are under ground--subterranean. I see loads of wood rot. I see termite damage- behind walls where it's been torn down to expose the damage. I've seen inspectors go around tapping walls to see if they hear something different.

I have not personally had a client go forward and close on a house that has termites. I don't think you can tell how much damage is actually done till you start tearing apart the areas you can see.

[City__Datarer]

Originally Posted by FlaLadyB

Wood frame houses are very prone to termites - especially in Florida. They aren't always easy to see since there are also termites that are under ground--subterranean. I see loads of wood rot. I see termite damage- behind walls where it's been torn down to expose the damage. I've seen inspectors go around tapping walls to see if they hear something different.

I have not personally had a client go forward and close on a house that has termites. I don't think you can tell how much damage is actually done till you start tearing apart the areas you can see.

Thanks for the info, FlaLadyB.

With the way prices have increased so much in the last year or so (and given concerns I have about the condo form of ownership), I've thought about whether I need to consider the few single-family homes that are still in my price range (that are usually wood frame and, if concrete block, are foreclosures that may have mold problems etc. due to having no AC for years). And what you mentioned is my biggest concern--that even though I'd have an inspection, what could possibly be going on inside the walls that the inspector can't see.

I guess for me, even though to get into a place at the low price point, the possible rewards are great, at the same time the level of risk is too high for me, as an individual buying my only home, to take on. Possibly if I were an investor buying multiple properties my judgment would be different.

Again, I wish the OP good luck either way.

A thought that comes to mind is since the OP is from out-of-area, it may be useful to read some other threads on the various Florida forums concerning flood risk/insurance issues, general homeowner's insurance considerations, and defective drywall issues (which my understanding is can sometimes be issues for some older homes that had remodeling where drywall was replaced, or drywall repairs following hurricane damage). I'm sure there are other considerations, too, that aren't coming to mind at the moment but where reading the various Florida City-Data threads could be very informative and helpful.

[quattrohead]

I did my own inspection and thought it worth the risk. I did not see anything I cannot handle.
However, the paperwork has come through with a clean termite inspection report, so that adds to my piece of mind.

Yes, out of state is going to present a whole new set of challenges, but I am ready for them.
Buying 2 and 3 familys up here in MA is tough work, they are all much older, always have lead paint issues, electrical, plumbing, heating etc always need work. Plaster is falling off, windows falling out, rot, damp and mice !!!!
Plus I HATE winter, so a few weeks down south on a relatively modern project is just what I need lol

I will document my progress if you like.

[RuFFy08]

I'd definitely be interested in hearing about this story. Keep is posted.

[City__Datarer]

Originally Posted by quattrohead

I did my own inspection and thought it worth the risk. I did not see anything I cannot handle.
However, the paperwork has come through with a clean termite inspection report, so that adds to my piece of mind.

Yes, out of state is going to present a whole new set of challenges, but I am ready for them.
Buying 2 and 3 familys up here in MA is tough work, they are all much older, always have lead paint issues, electrical, plumbing, heating etc always need work. Plaster is falling off, windows falling out, rot, damp and mice !!!!
Plus I HATE winter, so a few weeks down south on a relatively modern project is just what I need lol

I will document my progress if you like.

Thanks, will be interested in how it goes (though again, for me probably too risky to take on this type of project, but for you, sounds like you have the experience to handle pretty much anything!).

And the weather is beautiful here in winter. Probably after you spend time here this winter, you'll want to come back every year. (Massachusetts is a great place to be in the summer though.) Good luck.

[FlaLadyB]

Any home that has been "fixed"....from Chinese drywall MUST disclose this when selling ---- that is, unless you are buying directly from a homeowner who does not want you to now anything.

ME...personally....>>>> I WILL NOT sell a house that has been "fixed" from having Chinese drywall no matter WHAT they say they did or what "proof" they have that they took it down to the concrete block. I'm sorry, I just can't see myself putting a family in any house that has had it in any way.

As for inspectors... you can 1. smell Chinese drywall when you walk in if you know what you are smelling. 2. if you check the a/c copper lines and they are BLACK..... forget it... Chinese drywall fumes eat copper. 3. IF you cant tell.. open a light switch and pull out the wires...copper and.. if THEY are black.. forget it! 4. they pull open the FUSE BOX , which is all copper wire. Chinese drywall eats copper, computers, a/c systems, YOUR LUNGS, etc. I am not taking ANY chances with anyones life or health over this nor should you!

I remember when we didn't really know what Chinese drywall was.. or what it did. I smelled it.. or rather ...tasted it, kind of a "just struck a match" smell. Washing everything didn't help, a/c didn't help, everyone was sick with flu like symptoms, especially children. One of my clients has cancer, and I begged her to get out of where she was. Even her dog was having convulsions!

NO.... I don't take Chinese drywall lightly like some people. It's a seriously bad thing.