5 STEPS to AVOID BUYING A MONEY PIT
(1) ATTEND INSPECTIONS – the inspector can show you items that need repair & whether immediate or long term. Some items like reversed hot & cold water faucets are minor, but major ones like a foundation problem can be major. You can talk to the inspector. (2) READ THE REPORT & DISCLOSURES – watch for repairs owner did himself, repeated repairs to the same home system, water & leakage issues & reports of non-functioning mechanical or other systems in the house. Inspector can recommend another inspection of a system, so watch for this. (3) GET MULTIPLE REPAIR BIDS – can serve as a negotiating item for a price reductions, etc. (4) STOP OVERCONFIDENCE IN ITS TRACTS – even if you are doing the work yourself, get bids in case you have to turn it over to a professional and (5) PRIORITIZE PRICE REDUCTIONS & CREDITS OVER SELLER REPAIRS – you will probably do a better job, then the owner, so negotiate a repair allowance or reduction during the option.