When water damage affects a home, it is hard to be sold but if you are going to buy a house with a water damage, it is important that you are able to determine how bad the damage is before buying the house. This is even more essential if the house is about to experience more problems due to the water damage. You should work with an inspector to assess the water damage and work with a contractor to give you an estimated budget for the repairs of the water damage. This way you will be able to tell the seller the amount of money that you will pay for the house.
This guide will help you to find out more information.
1. The proper inspection of the house:
• Ask the following questions.
A) What is the reason of the water damage?
B) Have you done any repairs?
C) Is there any mold? And if there is any mold; have you hired a mold removal agency?
D) Has the mold removal company completed the whole house?
E) Has the electricity been checked?
• Once you ask these questions, have the home inspected even if the seller confirms that repairs were attempted, there may be further unnoticed damages.
• Hire a mold removal expert to check the house. You don’t want to live in a house with mold as it may be toxic. Handle the mold removal expert the report that the seller will give to you which as given to the seller by the mold removal company that worked there and let the expert assess the situation completely.
2. The cost:
Follow the following points to determine the costs.
• Because the home was water damaged once, it's susceptible to the damage again whatever the cause of the damage was. It's essential to buy an insurance policy.
• If the damage was because of flood, buy a flood insurance policy.
• You need to know the exact amount of money that the repairs will cost. This is essential regarding you will buy the house or not. Ask for the mold removal costs too.
• By now you should have all the reports about everything; review all of them carefully to determine how much you will pay. Consider the opinions of a real estate agent and real estate attorney during this process. They can help you determine the exact price.
3. The process of buying the house:
Follow the following steps to buy the house.
• The bid. Once you determine the amount you are about to pay, submit the bid to the seller or have a real estate agent to do this step for more professionalism.
• Most of the houses that have been water-damaged can be paid for it with the out of pocket payment method. If you cannot pay immediately, apply for a mortgage. The type of mortgage which you will apply to get will depend on a lot of factors that you will discuss with the bank.
• Sign the paperwork, review everything over and over and close the deal.
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