Buying a 'Bad' Home: What to Know in Case You Buy a House of Horrors
When Justin and Kate Treher purchased their stunning, four-bedroom Tudor in Harrisburg, Pa., in June 2010, they were relieved. After a long search, they thought that they'd found their dream home -- located in a quiet, wooded area with a spacious layout and generous yard that "seemed perfect" for raising their children.
"Most importantly, we liked that it did not need any work," Justin Treher told AOL Real Estate. "We had no interest in changing anything, not even the paint scheme."
But, like the old adage goes, if it looks too good to be true, it usually is: Just eight months after their purchase, the Trehers found themselves knee-deep in problems.The couple's "finished" basement became entirely flooded when their sump pump failed. Although the previous owner supposedly had just installed and tested the existing sump pump -- and had not declared any previous water problems -- before the sale, the Treher family found themselves not only with a soaked basement but with draining issues throughout the entire home. (The real estate disclaimer given to the Trehers before purchase listed no issues with the home other than upgrades and repairs that had supposedly already been completed.)
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV