HMRC says this is sufficient evidence to confirm that the property qualifies under the “2 year unoccupied” rule. The water heater and roof are fairly new (2006). I believe it has been escheated to the State of Texas. Check to see if the electric meter is removed. Just realized I can edit a post but cant delete? After a while you start to learn what to look for. The pipes have been pressure tested so we are hoping for the best. I won't be doing it again soon. btw, the second property I bought that was vacant for 3 yrs. I've noticed that wood floors will contract if you refinish them immediately after purchasing a vacant property, then live in it. I forget the time involved, but you can google it now that rick gave you the term and read all about it. Searching property records is a lot of homework, but you can personally find out a wealth of information about a property by a little sleuthing in the public records, and a property record search can turn up valuable data that you can use when putting together a purchase contract.Do not rely on MLS data alone, because it could affect how much you pay to buy a home. California Real Estate Q&A Discussion Forum, New Jersey Real Estate Q&A Discussion Forum, Questions About BiggerPockets and Official Site Announcements, Home Owner Association (HOA) Issues & Problems Forum, Coronavirus Government Assistance Programs, Real Estate Guru, Book & Course Reviews and Discussions, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, Real Estate Development & New Home Construction, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. Most of this will be visible. I've purchased two properties that were vacant for years. Connect with 1,000,000+ real estate investors! The women have been illegally living in a vacant house in Oakland, California, where homelessness has surged. Hope everything works and no surprises. Expect to be chasing them out and away from the property for a period of years. My main concern is the gas/water lines and electrical. They can gain access through dryer vents and chimney chases. And the water heater was questionable during inspection...so it was on my radar. Code enforcement said that the entire finished basement filled up with 8 feet of water. Please do this - get the utilizes turned on for an inspection. Steam heat systems are usually ok as the water has drained back to the basement boiler. LOL I've never heard that expression before. Check the house out the best you can and make sure you're getting a good price. If you find yourself in possession of a vacant home you’ll need to do several things: call a contractor, hire an exterminator/gardener and invest quickly in a new exterior for the home. I do not know why, but one of them picked up a phone and began dialing a number. It's like undressing a fat chick. Since then, every subsequent Treasurer has been a woman, and seven of the past eleven Treasurers have also been Hispanic. Also had to replace the float on the septic pump before the house started backing up with waste. There are many smaller items. I HATE suprises. I don't think I will be able to test electric because of this. My last purchase had been empty for about three years. Horizontal runs in the domestic hot water delivery system are also prone to freeze damage. I base my offer accordingly. 1 decade ago. After closing on it and spending the first weekend there, found a major leak in one of the drain pipes and had to tear out the wall to fix it. Assume higher than normal repair expenses. Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood. They can do that with 1 or 2 holes and a tunneling device called a mole for obvious reasons. Keeping enough furniture and décor to make the house looked lived in helps tremendously when potential buyers view the house. During my inspection period, I had the water turned on and made sure everything was ok. Found a bunch of minor issues, but no big deal. What I've noticed is that they will often check out ok in the inspection, but major systems will wear faster. Most leaks can be fixed with a new shutoff valve or a length of cpvc pipe and a couple sharkbites. I didn't see any, but of course like your saying, you never know whats behind the walls. Figure on painting inside and outside. A $20 fix and twenty minutes of time. Evidence can usually be found in the attic, crawl, above ceiling in basement. If I were to do it over again. Residential premises are not considered new if they have been rented out continuously for five years or more (unless they were held for sale and rent at the same time). In looking at the history the realtor gave me, it has been notated as pending, then cancelled and then active again several times since 2006. "It's like undressing a fat chick. Apparently, one couple lived in it early on in a lease-purchase agreement but were unable to buy it and it went on the market. To get a new meter installed you need to have a 3rd party inspection service approve the service for re-connection and a new meter. I didn't worry about the gas. Even if a bank or seller has been "treating" a property, this still occurs. This article has been viewed 286,854 times. Do you guys normally hire a home inspector to look over the property before closing? No more bank, no more bank manager and no more gas company employee. I am closing next week. I just figured some guys already have contractors that analyze the property for them and cut out the inspector costs. Seems no one (ie sellers solicitor, utility providers) wants to put it on paper, citing data protection etc. Sometimes higher. Sill waiting on a return call. The value is bout 60k or less. Thanks for all the detail @Stephanie Dupuis . Not a huge deal. has had barely any issues. My husband and I are a sucker for those. I have no idea what it will cost to renovate, but hoping under 10k. A for-sale house that’s been vacant may look like a bargain, but buyers should be cautious because expensive problems often lurk inside homes that have been unoccupied for some time. Question: Is it good to buy a 5-year-old vacant house? The owner owes over 10k in back taxes and it will foreclose within 10 days from when I got it under contract. Build £200 into your project to spend on a treat for yourself at the end. A foreclosed property may sit for months, or even over a year, if the lender can't find a buyer. Hope they will be ok. Water heaters are cheap, roof not so much. Had a house that the pump was off for 2 years. Here they require a service inspection first. The following errors occurred with your submission. I took a look at it today and it is in overall good condition minus some cosmetics and garage. I have noticed they were winterized and therefore in good condition. At a previous inspection at another property the power company would not re-connect service less than 100 amps. there was a recent case in the news in colorado. With it being vacant for a couple of years I spent much time trimming and removing trees and plant as well as repair the exterior. The house has been vacant for nearly 5 years and needs some repairs. I do a lot of foreclosure business and 95% of the time the place has been vacant over a winter, sometimes more than 1 winter. 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