Foreclosure Minefield #37
At a lunchtime training class today, the presenter -- a very seasoned appraiser -- relayed a story I'd never heard before in connection with foreclosures (and I've now heard -- and seen -- plenty).
When the appraiser arrived at the house, the water was turned off -- a common occurrence with foreclosures in Minnesota. So, the appraiser turned it on (a big no-no, for liability reasons), and proceeded to open a few faucets. So far, so good: no leaks.
End of story, right? Hardly.
After closing, the Buyer turned on the water again and immediately discovered water everywhere, coming from literally dozens of leaks.
The explanation?
A home's plumbing system has to be at full pressure to be fully tested -- a process that can take hours, depending on the size of the home. Simply running water through the system, briefly, won't necessarily reveal leaky pipes . . .
Thursday, June 11, 2009
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4 comments:
Why would it take hours?
What is the consensus?
I really don't know how long it should take -- I haven't had any deals (yet) where the water was turned off, then turned on for the inspection.
The "hours to reach full pressure" comment was the appraiser's. I suppose I could have heard wrong, or, she meant that you should allow a few hours after the system has reached full pressure to check for leaks.
The closest case I've handled is a deal this Spring where the Buyer (my client) bought a home that had freeze damage (water off for the inspection).
The cost to repair the plumbing was reflected in the asking price, so it didn't come up on inspection . .
It sounds like the appraiser may have given you incorrect information.
The water distribution pipes will reach full pressure when the water meter stops running, which usually won't take more than a minute or so.
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