We recently found the perfect house everything is just what we want. The location, neighbourhood, house and price. When we had a building inspection the foundation specialist found a problem with the concreate foundation on the linked side of the house it was crumbling and it is his opinion that the damage will be serious. Should we walk away or plan to do the repair?
2007-03-20 05:54:14 · 7 answers · asked by maggiemay 2 in Business & Finance ➔ Renting & Real Estate
The house is only 20 years old
2007-03-20 05:55:55 · update #1
The foundation is pretty much the most important aspect of the home, and as a mortgage professional, I've seen many deals go awry simply because of cracks or issues with the foundation.
Meaning many people who faced this issue before you walked away, and the deals died on the spot. I think that's a pretty good indication to walk away and look for something in tip top condition.
Learn more at http://www.thetruthaboutmortgage.com
2007-03-20 06:04:15 · answer #1 · answered by Todd S 3 · 1⤊ 0⤋
First get an estimate. That should help you to find whether it's worth your time and money. Also what do you mean by linked side is this house linked to another house if so then turn and run. The person who is on the other side may not want to help with cost even thou it is part of their house. Also find out what cause the damage, see is it was water washing away the dirt or if the foundation was not build properly was the concrete mix bad.
2007-03-20 06:22:01 · answer #2 · answered by TLC4theworld 2 · 0⤊ 0⤋
You can place a counter offer to the existing owner. For one thing, now that the basement has been found the owner can no longer say that he doesn't know of any problems so he will probably have to fix it anyways. Your counter off would be to have him repair the basement to acceptable buildings code and pass the same inspection. You could have money placed into an escrow account from the sale until the basement is finished. If for some reason he doesn't you get the money. You shoud get yourself a buyer/broker agreement. Realtors always work for the seller, even your realtor, unless you have a buyer/broker agreement with them. Ask yours he is bound by ethics to tell you the truth.
2007-03-20 06:16:23 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
"Don't build your house on sand." Find out how much a repair like that will cost and subtract it from the asking price. Also consider how long a repair like that will take and whether the house can be lived in while the repairs are taking place.
2007-03-20 05:58:14 · answer #4 · answered by Betty 4 · 0⤊ 0⤋
I think you will not be allowed to get a loan on a defective house. Contact a realtor for specifics. Also you will be in for a lifetime of wall cracks and leaks. If you decide to fix it look for a foundation company with a lifetime transferable waranty. Also it might not be insurable in its current state.
2007-03-20 06:04:22 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Walk away unless you're prepared to spend time and money having the foundations dug out and refilled, or you're a builder, or have a very good friend who's a builder
2007-03-20 05:57:55 · answer #6 · answered by Kate J 4 · 1⤊ 0⤋
Dont buy it. There are other "perfect" houses out there.
Remember, don't get emotionally attached to a property until AFTER the deal is closed.
2007-03-20 06:00:02 · answer #7 · answered by Wango138 3 · 0⤊ 0⤋