water leak!!

summerjoy578 · July 2012

So after all the frustration of having the maintence company stand us up two weeks in a row to get the water turned on....today when they finally did it they had to turn it back off because there is a major leak in the basement! UGH!

So that means that we cannnot go conventional financing and will have to switch financing options......

Has anyone had to switch to a different financing option and what does it mean for us? I'm thinking 203B or something like that I have heard about???

GeorgiaRiah · July 2012

203B is really hard to get. Are you really sure that you want this house if it has a major water leak in the basement? I wonder if there is previous damage from the leak.

Brit&Nate · July 2012

The home would have to be perfect in every other way and be a steal for me to continue in the process. That could be a major problem and you don't know how long it's been going on and what other damage has been caused by the leak. Unless you're REALLY in love with the house, I'd walk away. PP is correct, we did a lot of research and a 203B is difficult to get and a very tedious process even if you are approved.

SCBride2007 · July 2012

I know nothing about 203b, but I will agree with PP. I am not sure I would go forward with the house. You really can't judge how long that has been a problem, and what the issues are with it from the past.

LoveKiss · July 2012

Friends bought a house. It was a foreclosure. When they turned on the water for the inspection there was a leak in one part of the house. they loved the house and decided to go forward with the purchase. two days after they moved in every pipe in the house ruptured. They had to gut the house and replace all of the pipes before they could reinstall walls, floors, and ceilings. It took almost 6 months to get everything fixed right.

I can't say whether this will happen to you or not, but our friends rue the day when they decided to move forward on the house in the face of an obvious pipe leak. Think long and hard about whether this house is really worth the obvious, smacking-you-in-the-face risk.

summerjoy578 · July 2012

yikes to PP.....well we went to look at it yesterday and to us it appears that the tub in the basement is leaking, possibly the drain and ran out under the tub and out the wall into hall.....that is just our assement from following the water....there were no other signs of water leakage elsewhere so we are thinking that this might not be a major problem....but I really am not crazy with the 203b because the repairs needed are those that we could do ourselves or hire people we know and instead now we have to use a licensed and insured contractor to do the work and they of course will charge more....unless we can get the licensed and insured family friend to make a bid and he won't charge as much...thanks for the info

GeorgiaRiah · July 2012

Please remember that you want everyone who works on your house to be licensed and insured.

water leak!!

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