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.
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 . . .