Sometimes distressed properties sold “As-is” come with some major problems. Do you know how to recognize them? If you intend to invest in a distressed property, these are important issues that you need to know about.
Head into the bathroom. Bounce a little on the floor near the sink, tub and toilet. Is there any give? That can be a major indicator of water damage! Grab a high powered flashlights and check underneath the floor if possible. Look for stained wood or joists. Find out when and why that damage occurred and get your answers in writing if you can! Sometimes rotten wood isn’t water damage though, sometimes it’s termites or carpenter ants! If you see thin tubes of mud running up a wall or tiny holes in the walls or wood, you might have damage from these pests to worry about.
Would you know how to recognize a collapsed sewer line? You can’t just look and see. After all, they’re under ground. So, look for a major patch of green grass in an otherwise browner yard. Why is it green there? It could be a sewer line problem. Are there depressions in the yard? That could be a sinkhole from a broken sewer line.
Make sure you have the utilities turned on. Otherwise, it will be hard to check for leaky plumbing or electrical issues. One of the easiest ways to check for a leak is to not even turn the water on at a faucet. Just head out to the water meter, if the property has one. If it’s spinning and there’s not water on, water is going somewhere. If you can’t find a leak in the house, it could be underground somewhere!
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.