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I am looking into putting an offer on my first condo. I will be getting a bank loan which I am pre approved for. I have found a condo that I like expect there appears to be water damage on the ceiling. It is a top floor condo so no one is above me expect a roof. My agent has contacted the condo management and they said when they see a leak on the ceiling 99% of the time it’s from the roof. If I was to make an offer on this place what is the best way to do so? I want to protect myself as much as possible if the water damage is more extensive or if there is mold. Is there a way to word a contact so that if the seller won’t fix it or the condo management won’t that I can get out of it? Or that no closing will happen until it is repaired? Could I get the seller to check for mold? As I have never bought a home before I want to cover all my bases. Of course I will be seeking advice from my realtor, but I wanted to see if I could get additional advice here or thoughts on how you would proceed.
I am looking into putting an offer on my first condo. I will be getting a bank loan which I am pre approved for. I have found a condo that I like expect there appears to be water damage on the ceiling. It is a top floor condo so no one is above me expect a roof. My agent has contacted the condo management and they said when they see a leak on the ceiling 99% of the time it’s from the roof. If I was to make an offer on this place what is the best way to do so? I want to protect myself as much as possible if the water damage is more extensive or if there is mold. Is there a way to word a contact so that if the seller won’t fix it or the condo management won’t that I can get out of it? Or that no closing will happen until it is repaired? Could I get the seller to check for mold? As I have never bought a home before I want to cover all my bases. Of course I will be seeking advice from my realtor, but I wanted to see if I could get additional advice here or thoughts on how you would proceed.
I appreciate any advice given
The damage has to be from the roof, there are no or should not by any water pipes on the roof. The only other source I could imagine is if there is some kind of AC system on the roof that leaks. The roof is the condo responsibility but that may raise the HOA fees. The ceiling may be your responsibility I don't know. Since you are getting a loan the inspector and appraisers have to make sure there is no costly damage too. It doesn't make sense that the seller didn't have the HOA fix it beforehand which sounds like a red flag and a place to avoid. Unless it's a great place and is selling for 50% off of what the going rate in that building is I would not even think about buying there.
The damage has to be from the roof, there are no or should not by any water pipes on the roof. The only other source I could imagine is if there is some kind of AC system on the roof that leaks. The roof is the condo responsibility but that may raise the HOA fees. The ceiling may be your responsibility I don't know. Since you are getting a loan the inspector and appraisers have to make sure there is no costly damage too. It doesn't make sense that the seller didn't have the HOA fix it beforehand which sounds like a red flag and a place to avoid. Unless it's a great place and is selling for 50% off of what the going rate in that building is I would not even think about buying there.
Thanks. I did check out another condo unit in the building next door and there’s no damage. I did see a sign on the bulletin board that they are in the processs of re doing all the roofs. From what I heard the seller is not living there and had been renting. It was empty when I saw it. I appreciate the advice
I am looking into putting an offer on my first condo. I will be getting a bank loan which I am pre approved for. I have found a condo that I like expect there appears to be water damage on the ceiling. It is a top floor condo so no one is above me expect a roof. My agent has contacted the condo management and they said when they see a leak on the ceiling 99% of the time it’s from the roof. If I was to make an offer on this place what is the best way to do so? I want to protect myself as much as possible if the water damage is more extensive or if there is mold. Is there a way to word a contact so that if the seller won’t fix it or the condo management won’t that I can get out of it? Or that no closing will happen until it is repaired? Could I get the seller to check for mold? As I have never bought a home before I want to cover all my bases. Of course I will be seeking advice from my realtor, but I wanted to see if I could get additional advice here or thoughts on how you would proceed.
I appreciate any advice given
Quote:
Originally Posted by ohyellowbug
Thanks. I did check out another condo unit in the building next door and there’s no damage. I did see a sign on the bulletin board that they are in the processs of re doing all the roofs. From what I heard the seller is not living there and had been renting. It was empty when I saw it. I appreciate the advice
The cause and full extent of any damage will not be known until it is thoroughly inspected AND additional information is obtained. The cause may have been a "one off" incident or it might be recurring. The roof replacements suggest it is possibly recurring with a roof issue present. If you choose to proceed I would recommend you have a full inspection to include the use of Thermal Imaging and attempts at verifying activity with moisture meter(s).
For additional information that might be a challenge. Not sure of your disclosure laws but here with rentals the landlords/owners are given leeway since they don't actually occupy the unit/home. However they may already be aware of the issue and reported it to the condo association. So I would obtain the following.
A copy of the CLUE report for the condo to determine if any claims have been filed with the owners insurance carrier. You can read about CLUE here CLUE and You: How Insurers Size You Up
I would speak with the Condo Association for maintenance records on your unit's building to determine if there is any useful information there pointing to a cause. Also obtain any reports performed by Inspectors, Engineers, tradespeople (i.e roofers, HVAC, plumbers, etc.) on your building. These might also provide useful information.
Of course a direct inquiry to the owner if the water penetrations are not noted on any disclosure forms.
Your Agent should be able to obtain all of this information for you. Good luck!
New roofs, some not. Indicates age. I guess the money for that was already collected and paid for by the homeowners...so, not you.
You are preapproved. That's good. But how about the condo being approved. Does the bank know the complex you are buying into? If there are too many issues which might require too many rentals, not all loans are approved for such a situation.
You have to be very careful with potential water damage as it can really ruin a home. As for the roof, I assume they are "reroofing" the entire roof as opposed to just patching it in places it leaks. This is good. There's usually a schedule of maintenance for each condo, often going decades into the future. This could just be the roof nearing the end of its useful life. I assume you hired a home inspector. What did he find? I rented a commercial property before where the roof was old and leaking. They'd just patch and patch but new leaks always came up. Hopefully in your case a complete reroof fixes the problem. There are also people you can hire that can check for mold. They can tell you if it's toxic and the concentration. As for wording the contract to protect yourself you can do that also. Your agent would know, hopefully. Personally I wouldn't write off this potential purchase just because of a leak, but you're right in being careful.
New roofs, some not. Indicates age. I guess the money for that was already collected and paid for by the homeowners...so, not you.
You are preapproved. That's good. But how about the condo being approved. Does the bank know the complex you are buying into? If there are too many issues which might require too many rentals, not all loans are approved for such a situation.
The condo is on the approved list. They have done loans like I have in the past. I do know the roof was fixed as I saw the condo again last weekend.
However the ceiling was not fixed yet in the unit.
You have to be very careful with potential water damage as it can really ruin a home. As for the roof, I assume they are "reroofing" the entire roof as opposed to just patching it in places it leaks. This is good. There's usually a schedule of maintenance for each condo, often going decades into the future. This could just be the roof nearing the end of its useful life. I assume you hired a home inspector. What did he find? I rented a commercial property before where the roof was old and leaking. They'd just patch and patch but new leaks always came up. Hopefully in your case a complete reroof fixes the problem. There are also people you can hire that can check for mold. They can tell you if it's toxic and the concentration. As for wording the contract to protect yourself you can do that also. Your agent would know, hopefully. Personally I wouldn't write off this potential purchase just because of a leak, but you're right in being careful.
I ended up putting an offer with a condo in the same area, just a a different building and not the top level. There was a lot of work that I think needed to go into the first one which was not worth the headache for me as a first time home buyer.
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