I almost purchased a property for a very cheap price of 30,000, it would probably resale for around 120,000 after rehab, but there were a few problems the first being water damage in the basement, seems a pipe burst during the winter filling the finished basement with about 3ft of water, i am not sure how many weeks or months the water flowed from the pipe. Sure i could just got the basement but then comes another problem TERMITES! there is a termite tobe about 1ft long hanging from a crack in the basement ceiling plaster, tearing a hole in the plaster iI coul see damage to yhe rafter and to the sub floor above, I also found termites by the entrance door and in the garage. Would it be wise to take this place on ? the bedrooms and bathrooms look ok .
Most pest control companies will provide a free termite inspection. When you find one that does meet them at the house and after the inspection they should be able to tell you how extensive the damage is.
PC
my concern is they might have gotten to the subfloors and then there goes the pulling up of the wooden floors (which are not in great shape, but will clean up ok after sanding) what about the support beems that have been in the water. someone suggested a constructional engineer to test the structure. this is my first home and i am not sure if the funds are there to support all of the surprises.
Termite damage is one thing and water damage can be another. If you still feel confident in the property go ahead and pursue a professional evaluation on the extent of water damage. If you have any doubts about the property then I would move on. There will always be another good deal come along.
PC