# To buy or not to buy??



## Breezy833 (Jun 17, 2013)

I have found a home that I love. However, it comes with a catch. It was previously owned by an old lady who died. The house has been foreclosed on and vacant for about 2.5 years. During that time the sub pump died (or the power was shut off), and at least 3 feet of water flooded a partially finished basement. There is obviously water damage, and some visible mold. I qualify for an FHA 203K loan, that would essentially help pay for the resort at ion costs. Gutted basement, new furnice, water heater, and well/well pump (unknown). I love the lay out of this home, and at this point there isn't anything on the market for my price value that I find compareable. What would you do?


----------



## roadless (Sep 9, 2006)

I would get a professional inspection to see exactly what I was dealing with before I could weigh the pros and cons.


----------



## simi-steading (Sep 27, 2012)

Will the costs of the repairs, and the cost of the home combined be cheaper than buying the house outright if it wasn't damaged? Be careful too, because unseen damage can rear it's head too in the middle of repairs.. I'd find the best inspector you can...

The house can be fixed, and mold can be dealt with, but it's not cheap or easy.. 

You have to weigh the option of costs after everything is said and done..

My next question is why would there be three feet of water in the basement just because the sump pump was turned off.. That's a whole lot of water coming from somewhere, and the source needs to be found.


----------



## Maura (Jun 6, 2004)

Looked at a house with same problem. Electricity was turned off so the sump pump was not working. On inspecting the outside, we realized that the eaves did not divert water away from the house. All of the rainwater from the roof dropped into two places, two corners of the house. Also look at the terrain. The bottom of a slope means water is pouring to the foundation every time it rains. This can be fixed, but you have to be aware.


----------



## Breezy833 (Jun 17, 2013)

I am getting the forms now to have it inspected


----------



## simi-steading (Sep 27, 2012)

Consider what it is going to cost you to divert all that water in the costs too.. Depending, that could get a lot more expensive than making the repairs to what was damaged.


----------



## Breezy833 (Jun 17, 2013)

Thanks so much for your input. The basement isn't wet now, but I don't know the original cause. They are asking 65k, I'm going to offer 40 and see where they stand. I have to have a bid accepted before I can inspect it. I truly don't know how high the water was, it could have just seeped up the walls to that aproximate height. The furnice, water heater and well pump are all trash though.


----------



## Breezy833 (Jun 17, 2013)

I imagine is we decide to pursue this further I'll have many more questions.


----------



## DryHeat (Nov 11, 2010)

Noting your location as "Flint, MI," if that's actually the case for this house and you're allowing for replacing possible lead feeder piping also, this just might be a very good time to buy. Are there major price hits in the general area based on reputation and overreaction? Or, is there danger of continued downward price pressure if issues aren't effectively addressed and structures with issues accumulate on the market?


----------



## roadless (Sep 9, 2006)

How much land?


----------



## Breezy833 (Jun 17, 2013)

I do live in flint. This house is OUT of flint. I have no desire to stay. It's about half an acre.


----------

