Couple’s American Dream Comes Crashing Down
A small one bedroom cottage in the Sunnyside neighborhood of San Francisco collapsed over the weekend, hitting a neighboring house. The owners of 149 Mangels bought the house last year and were in the process of doing foundation work. From what I’ve heard, the owners were trying to do most the work themselves.
The house was marketed last year as a major fixer-upper. At $399,950, it was one of the most affordable homes listed in San Francisco. The couple paid $524,250.
The house will now be torn down. On the bright side, the couple still have their land, which is where the value is!
I wonder if the young couple knew what they were getting into. Purchasing a house in it’s “as-is” condition does not mean you give up your right to have inspections. I advise all buyers to get all relevant inspections (regardless of age or appearance of the house, or if they’re buying it “as-is”) before removing contingencies.
Traditionally, in Palo Alto and the surrounding cities, sellers with order an inspection(s) upfront and furnish the report(s) to all potential buyers before they write up their offers. If buyers are not satisfied with the sellers’ reports, they should order their own inspections from licensed professionals. The buyers’ inspections will be conducted during a contingency period, after a contract has been ratified.