Thread: Proffessional advise

Hi,
I'm in the process of purchasing a property. It is my first time owning a property. I have a few questions and any answers or tips will be very helpful.

I offered on a 4plex in WI. It's a foreclosed property and is currently winterized. The bank that owns the property isn't willing to cover the cost of de-winterizing the property; they insist I that I pay for it. Is that common that the buyer pays for de-winterizing? How much do you think it may cost to de-winterize a 4plex (3bd in each unit with underground parking in the basements)?

Does a regular inspection find whether there's led in the paint?

Thank you!
Tom

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Originally Posted by Tom Moss

Hi,
I'm in the process of purchasing a property. It is my first time owning a property. I have a few questions and any answers or tips will be very helpful.

I offered on a 4plex in WI. It's a foreclosed property and is currently winterized. The bank that owns the property isn't willing to cover the cost of de-winterizing the property; they insist I that I pay for it. Is that common that the buyer pays for de-winterizing? How much do you think it may cost to de-winterize a 4plex (3bd in each unit with underground parking in the basements)?

Does a regular inspection find whether there's led in the paint?

Thank you!r
Tom

Based on the number of "winterized" properties I have seen over the last few years i would proceed very cautiously.

Too often some one has turned the water back on and then did not properly re winterized the system. This leads to broken pipes and equipment.

If you pay to de winterized you need to consider if you are also aquiring the liability for any damage that happens when the system is repressurized.

This process should be done by a qualified individual and a pressure test of the system with air should be considered before filling with water.

Personally I would try to come to some arrangement with the bank to
perhaps spit the cost making it clear that you accept no liability for any damage as it is they that hold the property and arranged to have it Winterized.

Lead inspection is not part of a typical home inspection.

Homes built prior to 1978 may contain lead in the paints used.

Chip samples can be obtained and sent to lab for analysis.

Thank you for your reply.

I tried to make the bank pay for it but they wouldn't hear about it. I agreed to pay for it and reduced my offer.

What damage can occur while de-winterizing a house?
Does the contractor's insurance cover it?

Thanks again for your help
Tom

Originally Posted by Tom Moss

Thank you for your reply.

I tried to make the bank pay for it but they wouldn't hear about it. I agreed to pay for it and reduced my offer.

What damage can occur while de-winterizing a house?
Does the contractor's insurance cover it?

Thanks again for your help
Tom

Imagine gallons of water or dripping leaks flowing where you don't want it. Behind walls, in ceilings, under sinks etc.

Ask you contractor what his insurance covers.

I would not take on the risk of de-winterizing a home if I was a buyer.

If the bank won't pay to have it done, I'd simply shop somewhere else.

JMHO

rick

Originally Posted by Tom Moss

Thank you for your reply.

I tried to make the bank pay for it but they wouldn't hear about it. I agreed to pay for it and reduced my offer.

What damage can occur while de-winterizing a house?
Does the contractor's insurance cover it?

Thanks again for your help
Tom

Hiring a professional to dewinterize the four plex would not be out of hand. There has to be a fairly decent price on a four plex even if it needs work. The amount of money that could be needed could be huge for repairs. You will never know unless you have it inspected. Talk to your realtor and inquire about a professional company to de-winterize for you. You will never regret the cost considering the cost that could be involved by not having done so.

To have the untilities on you will just have to pay a deposit to get them turned on for a few days. You will get the remainder of the deposit back for what you do not use minus a slight fee from the untility companies.

I'd try to find out what company winterized the system(s). Hire them to de- winterize. That way, it there is a problem, it's probably on them either way.

This one strikes a chord. This past February I booked a foreclosure. I asked the client if all of the utilities were on and he told me it was recently dewinterized but there was still no running water and some kind of pink stuff in the toilet bowl. When we arrived at the inspection, the main breaker in the service panel was engaged but several of the breakers serving branch circuits were not on (all electric heat, nonetheless) and despite the fact that the water meter was reconnected, the main was shut off. I told the client that due to liability, blah, blah, blah, the scope of inspection would be severely limited, maybe we better reschedule for a later date. This guy was Johnny on the spot. He called his agent, his agent called the bank, and bam, I was told that there would be no problem energizing the breakers within the panel and turning on the main water supply. The electrical issues are a topic for a whole other thread, but a quarter turn of the ball valve (main shut off after the water meter) resulted in the attached image.

Screw the bank, screw the agents. If you were selling a car, would you tell the buyer to bring a filled gas can and a can of fix a flat so they can start it up and take it for a ride. Unless you're getting an incredible deal, you hold the cards $$$$$$. Give me a break. Voice of Experience.

Most bank foreclosures will not guarantee or pay for repairs of any plumbing, HVAC, or electrical. As the home buyer you will most likely have to foot the bill. To check the water lines I would suggest the air test rather than water as with air it is more controllable a safer. Most plumbers will have an air gauge that will connect to a water faucet and are able to tell quickly without damage if the system is compromised.
Most Banks and relaters will tell you if you damage something in the process, you have to repair it.

A plumber you contract to dewinterize the home is not responsible for any water damage that happens when the service is restored. Mainly due to the fact that many , let me repeat that MANY times some one turn the water back on in the home.

I was called into one where they wanted me to dewinterize the home for them. First thing I do is a visual inspection to see if I can notice the water was turned on sometime between it being winterized and dewinterized. In this case the basement water closet was cracked. Now this could happen for one of two reason, the person that winterized it did not clear all the water from the bowl and put enough antifreeze in it, or some one turned the water on to flush the water closet. So I warned all concerned that there might be other issues. Which there was, 3 burst pipes and a split water heater. Being an experienced plumber I was able to keep the water damage to a minimum.

Now if there is broken plumbing found once the service was restored, I would make the bank responsible for the repairs if I where you.

Thank you all for your advises. I am getting a good deal, thats why im willing to pay for dewinterizing it. I will make sure that im not liable for any damages in the process. I'm sure it wont be cheap to fix the damages if there will be any