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Author Topic: Going to look at REO property, what to look out for  (Read 3422 times)

Offline aares

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Going to look at REO property, what to look out for
« on: September 27, 2011, 09:19:48 pm »
Going to look at my first property...its a REO. I was going to go inside with my checklist, and take a bunch of pictures to look back on. I am trying to find a contractor to go in with me a second time and estimate repairs, then make an offer.

The realtor said that the foundation may have a problem, and said that she recommends a $1000 inspection, but wants the contract to buy signed first. I said "LOL, no". So Im looking for a contractor who can tell if the foundation needs fixed. Unfortunately I have no idea how to tell if the contractor REALLY knows what hes talking about or not.

Or do I forget the contractor, get the inspection, then go back in with contractor?

Any advice on what I wrote is greatly appreciated!!
« Last Edit: September 27, 2011, 09:22:21 pm by aares »

Offline justin0419

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Re: Going to look at REO property, what to look out for
« Reply #1 on: September 28, 2011, 01:28:22 am »
So did the Realtor conveniently know of someone who could do the 1k inspection?  Makes you wonder huh?  You might even have foundation specialists in your area.  If no one advertises specifically for foundations, just do some networking and get some opinions on contractors.  If you're worried about the foundation, I'd get it checked out first by someone you find.  If it all doesn't work out and the house goes under contract by someone else, it wasn't meant to be but there will be others.  Better to check it out and not be surprised after you buy it.
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Offline jmd_forest

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Re: Going to look at REO property, what to look out for
« Reply #2 on: September 28, 2011, 08:13:08 am »
Assume it will need serious foundation work and, after inspection, if you still want to buy the property, include a discount for the cost of the foundation work plus your time and effort to get it fixed plus a margin for error.  If it turns out the foundation work isn't required or isn't as expensive as you expected, consider it a bonus.

I rehabbed a property with a slightly cracked foundation from water pressure. I had a structural engineer inspect and design a repair ($350) and a mason install a "rod and grout" repair ($1200) for about 35 feet of foundation across the front and partially down one side of the property.

Foundation work doesn't HAVE to cost an arm and a leg.

Offline andydallas

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Re: Going to look at REO property, what to look out for
« Reply #3 on: September 30, 2011, 06:32:51 am »
$1k for a foundation inspection??????   I call my foundation guy and have him go by and give me a quote,,,,there have been times it is really bad and he recommends having an engineers report,,which pretty much means I don't want the house to me,,,but virtually always I get a quote, many times before I make an offer on the house,,,I'm happy, my foundation guy has a good customer,,,and I know what to offer

 




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