I've been spending a lot of time looking at houses. I finally found something which fits my needs and is in my price range. However, when the real estate agents and I exited the home, we noticed that the house butted up against it was foreclosed on. The real estate agent had the foreclosure key and we were able to go inside the foreclosed house as well.
The previous owner had left the upstairs water running and the house smelled rancid of mold (the water is now off).
The properties are butted upagainst eachother, but I dont think they are of the same construction-- but ONLY on the 2nd floor butts up against the house, since there is a walk way between the houses... but the house itself over hangs the wallway. The houses are both frame construction.
Does anyone know or understand any of the risks involved? If there are none I can simply use it as a card to get the price down since the house is in a very popular area and the owner is asking three-times the price he paid for the property in 2003.
I do not want to simply write this off as a lost cause, the house fits me too well to do this. I figure with a good home inspection and possibly a mold specialist I'd be able to determine what risks are involved.