I'm possibly interested in putting an offer on a property. In the notes of the condition there is an invoice that was done that the homeowner paid $11,000 for a completely redone drain tile and concrete foundation lay. This was done because the basement had minor leaking.
The company that did the work and showed it with a five year warranty on the drain tile and a 10 year warranty on the support beams that were installed.
While a part of me is happy that over $11,000 of work was put into the foundation of the property another part of me is worried. When there's a big problem such as a small leak and possible foundational issues it may be fixable but often times that can be a very big and possibly difficult job to fix properly
After looking at the property in person the main level looks immaculate. There's almost no noticeable damage that can be done and it also has a newer roof. My only concern with the entire property is this work that was done to the foundation including the drain tile. Everything has already been paid for and the proper permits were pulled.
If you saw a property like that that was disclosed to have had this work done and these specific issues in the past would it be an automatic know? Is it risky to buy a property that has had this kind of issue in the past not knowing if the work was actually completed properly?
The property is almost ideal for me the only thing that I'm actually concerned with is pretty much the basement and foundational issues. Once again the company that did the work is very reputable and specializes in this type of foundational work so I would assume they did a good job but at the same time you never know.
Any thoughts on this? Is it's a good thing that the work has already been taken care of and paid including pulling the proper permits or would it be a red flag to run for most people?
I would also mention that the house price somewhat reflects this issue
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source https://www.reddit.com/r/RealEstate/comments/luwiph/buying_a_property_that_had_a_completely_redone/
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