Buying the Classic Colonial Foreclosure

We successfully sold our Victorian Beauty in 3 weeks and had already made an offer on a Classic Colonial built in 1997 that had been sitting on the market as a foreclosure for approximately one year.

After our first walk through I was convinced it would be a good investment, but when the broker called us and said the basement was 6 ft deep in water after a pipe burst we knew it was the right one. There was another offer on the table, so we offered 5K more than the asking price.
We got it.
Being a foreclosure the electric was turned off, therefore the sump pump was off, and with a Superior Wall system in place the water rose so high there were only a couple stairs still dry.

If this isn’t a ringing endorsement for the waterproof nature of Superior Wall foundations I don’t know what is. Granted the idea is to keep water from getting in not out but regardless. Needless to say we are designing our French Country Home with Superior Walls.

Why, you may ask, did we offer 5K more of our hard earned dollars instead of running as fast as we could in the other direction? As it was a bank owned property the damage was the responsibility of the seller. They gutted the already poorly finished basement, sanitized all hard surfaces, replaced the gas water heater and gas furnace, and installed a brand new electric panel without raising the price. Cha-ching. We now had 1000 sq ft of blank canvas to paint on and brand new major mechanicals to resell in a couple of years.

SPECS