Does anyone know water damage information??

[Anonymous]

I received my home examiners report and the house is wet.  There is water in the duct work, 24% moisture in the wood under the sunroom, leakes in several different places in the house, "damage" or "stains" to walls and floors because of leaks, and there is no pressure valve on the hot water heater.

I am second thinking this house.  This seems like an awful lot to repair.  Does anyone know anything about water repairs?  The bank is not going to pay for any repairs it is an as is home.  You can't see these things when in the house unless you are looking for them.  Now I know and now I wasted $450 on an examiners report. 

Any suggestions on what to do?  Dump the house?  I don't want to spend all my money on repairs. I purposely threw money into my 401K to buy but not to repair.  Should I ask for a lower price or repairs on the home?

Thanks guys!

[Lel]

If I were in your shoes, I'd bail on the house.  Moisture can lead to mold, and mold can cause health problems.  Your homeowners insurance company may not cover the cost of water damage if you already knew there were water issues before buying the house.

I suppose you could ask for all the problems to be repaired, but it could be very expensive and the seller might not be willing to do them, especially since it's listed as an "as is" sale.  Are you saying this is a bank-owned property?  If so, then it's highly unlikely that they're going to do anything.

[Anonymous]

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@Anonymous wrote:

I received my home examiners report and the house is wet.  There is water in the duct work, 24% moisture in the wood under the sunroom, leakes in several different places in the house, "damage" or "stains" to walls and floors because of leaks, and there is no pressure valve on the hot water heater.

I am second thinking this house.  This seems like an awful lot to repair.  Does anyone know anything about water repairs?  The bank is not going to pay for any repairs it is an as is home.  You can't see these things when in the house unless you are looking for them.  Now I know and now I wasted $450 on an examiners report. 

Any suggestions on what to do?  Dump the house?  I don't want to spend all my money on repairs. I purposely threw money into my 401K to buy but not to repair.  Should I ask for a lower price or repairs on the home?

Thanks guys!

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You could consult with a company or contractor that knows how to gut and repair water damage and ask them that you're trying to get an idea as to how much it would cost to repair, see what they say.  Then you can make the decision as to if you want to ask the bank to fix, which the may or may not, it can't hurt to ask, or if you want to dump the property.  

But here's the thing, you didn't waste your money on your home inspection.  A home inspection is never a waste.  It found things that you didn't know was there.  If you hadn't got this, and had bought the house with no way of knowing about the damage, look at all teh money, not to mention possible health concerns you may have lost.  

This was not a wasted $450, this was a priceless $450

[GregB]

We don't know about your climate or where the water came from. I am in a dry part of Southern California and have a house that had some drainage problems. I have been dealing with water issues for years and just now have it handled.

I would guess you should RUN AWAY and consider that $450 the best money you have spent. No matter what damage you think the water has done, there will be more.

[Anonymous]

BAIL !!  I had two water damage claims in the past on my house......both resolved and both repaired with the cause being that the past homeowners liked to stuff things that shouldn't go down the toilet down it!!!

My insurance is $200 higher per year and I had a hard time placing coverage.......there was no moisture and I considered walking.

With the extent of your issues it is better financially and with sound of mind to move on to the next house........more than likely you'll like the one you find next better.

The extra money spent on the inspection will be worth it in the long run.

GOOD LUCK!!!!!!!! 

[DallasLoanGuy]

203k makes it YOUR problem.

if seller won't fix. NO FRIGGIN WAY should you even consider the house.