The seller reduced the asking price to $90,000 today. The house has a foundation crack, with some damage to the bathroom walls. A repair inspection was done and the cost to repair the foundation totaled about $4,800 - $5,000.
Other than that, the house is in good condition, with original hardwood floors. I know the seller is anxious to sell the house.
2007-10-12 04:27:45 · 7 answers · asked by zone 3 in Business & Finance ➔ Renting & Real Estate
How do you know the foundation has problems? Foundation cracks and stair-stepping on walls can be signs of "settling" just as often as a sign of a foundations with questionable structural integrity. Settling is easy and generally inexpensive to fix. Is most the cosmetic damage in one place in the home? if so, are there huge trees nearby or lots of bushes that have extensive root systems that 'suck' the water in the ground under the foundation causing it to settle? Did the company that quoted $4,800 to $5,000 determine the cause of the settling or just how much it would be to put their 12 piers (i'm guessing here, $325 a piece or so???) to (temporarily) stabilize the foundation?
if you haven't answered the WHY of the settling you shouldn't consider the HOW of the fix. get a structural engineer out.
2007-10-12 09:10:51 · answer #1 · answered by Jericho Parker 2 · 2⤊ 0⤋
If the seller has reduced the asking price by at least as much as the repairs should cost ... and you're satisfied with the results of the inspection, then it might be worth doing. The only other potential problem that you might want to check into is whether or not there's something going on in the ground that caused the cracking ... something that might make for an additional expense.
Home inspections are a great thing, but they can't catch everything in some instances. If you're satisfied that the inspector did a good job and you like the house, you probably will be OK.
2007-10-12 11:33:31 · answer #2 · answered by Your Maryland 'Net Realtor 3 · 1⤊ 1⤋
Get an analysis from a structural engineer who specializes in foundation work. Some are repairable and some are not, at least not economically.
You need to identify the root cause of the problem and make sure that it is something that can be fixed.
If it's caused by subsoil conditions, treating the subsoil (lime injection for example) may solve the problem. If the concrete used in the foundation was of poor quality, there's probably nothing that can be done to effect a permanent repair. While it may be theoretically possible to replace a foundation it may not be economically viable to do so.
2007-10-12 11:39:17 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 1⤋
you had an inspection, correct. they said it can be repaired, correct. Foundation repairs are done all the time all over the country in different climates and regions. Most of the people that answered don't have a clue. Just make sure it is a reputable company and you a warranty
2007-10-12 12:10:17 · answer #4 · answered by Anonymous · 4⤊ 0⤋
Hi,
This may be a great deal. Foundations can be repaired. Don't let this stop you from buying a property. If you are willing to pay for the repair, then you may be getting a sweet deal on a fixer upper!
2007-10-12 15:55:57 · answer #5 · answered by skiingstowe 6 · 2⤊ 0⤋
In answer to your original question... yes, foundation problems can be fixed. However, depending on the nature of what caused the problem in the first place, i.e. shifting soil, it may be something that will need to be addressed on a regular basis. Good luck!
2007-10-12 11:49:57 · answer #6 · answered by sweetsum691 5 · 2⤊ 0⤋
sounds like the house was overpriced if dropped 90k repairing a wall is difficult at the least because you will have "cold" joint where repair is made make sure you have propper drainage all around the foundation or you will have problems in future make sure you have gutters installed
2007-10-12 11:38:54 · answer #7 · answered by Anonymous · 1⤊ 2⤋