We live in the Midwest and our basement has just flooded for the third time in less than a year. This time will cost us almost $10,000 to recover. And no, we do not have flood insurance. While we were cleaning up our basement this last time, I have noticed some serious cracks in our basement walls. Is this something serious with the foundation? Should we unload this house now, or would it be worth it to stay and fix it up?
2007-09-03 14:04:27 · 6 answers · asked by mobgirl 2 in Home & Garden ➔ Maintenance & Repairs
ya you need to keep it... a new house would cost more.
2007-09-03 14:53:55 · answer #1 · answered by Kathy J 3 · 0⤊ 0⤋
If you sell it, you will either have to repair the damage for the new owner, or take a very hard hit on the sale price to sell it as is. If you do not divulge a known flaw to the buyer, you can and should be sued for hiding it. I suppose if you have enough equity to sell at a substantially discounted price, then it may be worth getting out of, otherwise fix it and stay. In either case, you will need to #1) Fix the source of the flooding so it doesn't continue to occur, and #2) repair the damage caused by the last flood. If the cracks are substantial, you may be at risk staying in the home without shoring up the damage.
2007-09-03 14:18:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
One of the first things a buyer is going to look at is the basement and know or wonder what it will cost for repairs, I would.
Your going to have to have the foundation all dug up, all the way around and have a drain system put in. Along with this, have the outer walls sealed and, now that you have damage, have his repaired, your looking at 10 maybe 15 thousand dollars.
If,,, just "if" you could find a buyer, he's going to ask for an escrow, account, money put aside for future repairs that may sit there for years and not used or interest paid in.
I would fix the place up. remodel it, "flip" it say, and try and get rid of it that way it is.
Or, do what I said and live with it, hope for the best.
2007-09-03 23:50:10 · answer #3 · answered by cowboydoc 7 · 0⤊ 0⤋
regrettably the owner has the final to sell the domicile as long as he follows your employ good, which it feels like he's doing by using waiting till the employ is over. this is the threat of renting....the owner can sell or refuse to resume the settlement as quickly as the employ is up. i does not anticipate which you will no longer get a private loan. you need to start first including your financial business enterprise and then touch different valid loan agencies to be sure in case you qualify (attempt to stay removed from on line agencies). There are stricter rules in place now for paying for a private loan however, so which you're precise which you will maximum possibly run into some problems due on your credit difficulty. in spite of the fact that it may desire to no longer be impossible -- it in basic terms could take some intense leg paintings on your section. As for the authentic assets agent's comments on the owner wanting money -- if I have been you, i could touch the owner at as quickly as and notice if he's keen to paintings out a deal.
2016-10-17 21:05:42 · answer #4 · answered by blide 4 · 0⤊ 0⤋
I don't blame you for wanting to bail out but who wants to buy a home & inherit your problems? I would have bailed out after the first flood but that's me. It does indeed sound as though you have some major foundation problems. Get a pro to come in & see what the damage is going to be both financially & structurally. Do you not have a sump pump?
2007-09-03 14:14:40 · answer #5 · answered by Shortstuff13 7 · 0⤊ 0⤋
This is a bad time to sell a house. It is a buyer's market.
You could lose your shirt.
And if the the buyer gets an FHA loan, you will have to do the repairs before you can sell the house.
I would hang on until the market turns around.
2007-09-03 14:14:11 · answer #6 · answered by oldsalt 7 · 0⤊ 0⤋