Videos Show 150K+ Damage as Water Ran for 4 Days

Allowing sellers to remain in the home after closing for a bit can really make a buyer's offer appealing, but it's not without risk. Typically, there is a hold back of funds and once the home is cleared and inspected, the money is released. In this case, the sellers did exactly what was expected. They left the home on scheduled and squared away. The proverbial chit hit the fan the moment the City of Atlanta entered the picture.

The water was shut off at the meter on the day the sellers moved. The washer was removed, but the cold water supply line was inadvertently left open. Bad, but it's not uncommon for something like that to happen. The buyer requested the lock on the meter be removed, but the water NOT be turned on. They always turn on water with someone inside to ensure there are no issues.The City of Atlanta sends a confirmation email  - and devotes a good half of it detailing their concerns about the same thing. Too bad those policies were not followed by the all stars that were out to this home. They removed the lock, opened the valve, and drove away. Never bothered to look at the meter, which was clearly spinning. Four days later, the owner came out to get the home ready for sale. This is what he found -

Fortunately, this investor maintains thorough files. The insurance company was provided plenty of photos of the home at purchase, after move out, and upon discovery of the loss. It is critical to maintain comprehensive files, emails, and everything that might possibly be needed. This was invaluable in working through the claim.

The claim took several weeks to complete and in the end, what should have been an uneventful transaction turned into a significant project. Investors must always be ready for the unexpected, you never know when or how something will go off the rails. It's not a question of if, just a question of when and how bad.

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• investors (4)
• water issues (2)
• real estate investing (1)