Buying a home with a basement that flooded????? PLease HeLP?

Question

My husband and I found a really great deal on a house that we absolutely love the only problem is the basement flooded last july and were not sure what kind of problems we could run into listing says basement needs waterproofed but what about mold in the walls and how much do you think this would all cost the house sold in 2003 for 120,000 and is now on the market for 84,900 is a 5 bedroom full partially finished basement and 2 car garage with 2 bathrooms please help are we digging ourselves a hole or should we go for it? also if we were approved for a loan for 110,000 and the house is going for 84,900 could we take out more of a loan to fix problems?
PLeAsE HeLp????
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Answer 1

you should do some research before making any deals,while the price may sound good,you may be headed for a financial nightmare.a house that has had flood damage,is a house that will have another flood unless waterproofed, this will cost you money,also you need to hire a contractor to clean up all the mold,as far as your heating system goes if its in the basement,its going to cost you a lot of money,if you add the sum of repairs you might be better off buying another house for more money and less repairs,remember buyer beware.

Answer 2

If its a one off event you could go for waterproofing your basement and or rendering your basement too. but, if this has happened before,like, a few times, its may cost you maybe in american dollars,a couple of grand plus engineers fees from your council to come out and do an engineers report,an accredited waterproofer to do the job, but if were thinking the worst ,(which is this scenario)the waterproofing guy will have to track where the water is coming from.which may be from next door ( Higher elevation ) or worstly, the next 2 or3 houses up . you know what I mean?Its your safest bet to get your Engineer in for that report.I dont know how you operate over there, but in Australia,especially, homeowners, That would be the First and most valuable thing to do,then Secondly, you and hubby can determine what yous are gonna do ,then Thirdly, go for the cheapest options with the most follow up help and work your budgets or income to accommodate for your repairs.Yous might have a better set up over there but um thats an idea of an option you two could think about....cheers mate...

Answer 3

Your local building department can refer you to an inspector that can detect the presence (or lack thereof) of mold.

Waterproofing is a matter of coating the OUTSIDE of the basement, could be a horrifically expensive project. I would get two or three estimates and go from there.

Answer 4

You will have mold in your walls. does the bassement have a sub-floor or is it just flooring on concrete. You are looking at remodeling the basement, and should expect to pay somewhere between $10,000.00 to$ 30,000.00 depending on what you have done and who does it. Remodeling this will cosist of fixing the problem first and then replacing all the damaged mildewed structures and fixtures in the basement.

Answer 5

Besides adding 6% to the cost of your home, has your Realtor given you any guidance?