Hello everybody,
I'm looking to invest in a home that was in the process of being built on an Acer of land.The builder fell on hard times and had to let it go to the bank.It is now bank owned and is about 85% finished. Everything is roughed and inspected, insulation and sheet rocked ready for paint. Hardwoods through out the house just need to be sanded and finished,along with all the other finishes that go along with the house ex.plumbing, electrical ect. Now the house was started in 07 and has been locked up since the end of 2010 so it has been sitting for quite some time. I have been in the house a few times this week and everything seem ok still except some water in the basement that seems to be coming in from where they ran the sewer and water through the baseme nt wall. My question is what should I look For on this house as far as mold structural damage and anything else before investing in this house. Looks like a good buy on paper but don't want to buy and find out II have to go over budget on this to finish.
Any feed back would be greatly appreciated, Jay

I got involved in a similar situation. It's tough to tell whats going on without x-ray vision. Did they do the electrical right?? Only they know, or get power to the property, finish the electrical and try it. Etc, Etc. What about gas and water pipes? Do they hold pressure? Go around and look for signs of water intrusion, tap the drywall, check for soft spots, check the roof for bad areas where water may have come in.
The whole project is kind of a gamble on all aspects. But what has happened to that builder has happened to a lot of builders (that's how I got involved in a similar project ). Is the home in a safe area, or has it been vandalized? How does the quality of construction appear? Has the home been built according to the plans, or has there been changes?

Lots of questions to look at, but only someone where you are can help.

This message has been edited. Last edited by: Re-mdlr,

Couldn't agree more with Re-mdlr. Check every detail before taking any action. There are so many cases of people who didn't do their homework and paid for that greatly

If anyone planning to build a new home, then choose the best lender, which provides low interest rates. Then after take care about the saving on building cost.

financing land
land financing

oh, a spammer. pushing shylocks. definitely foreign in origin from the hosed up stumbling around the definite article in Engrish. one only hopes they have a "referrer" script to see where the clicks come from, because fool, you won't get any from here. we hate spammers. if our keyboards had red buttons, we would use them to melt your servers.

how you say in the Engrish, ahh, "repotted?"

This message has been edited. Last edited by: swschrad,

pineypower, this is a good place to reach for a little inspection camera, one of those dealies with a foot or so of flexible fiber-optic pipe to look inside the walls. there should be enough half-inch gaps and holes in the sorta-finished state to get a quick look at whether pipes are cleanly finished or in all sorts of non-180 degree angles, electrical is run through the center of the studs, and the like.

most important step I would take is check with the building inspector and see if they pulled all their permits and got all their check-offs for the work done so far. any gaps in hidden stuff, I would pass on the place.