Skip to main content

Buying a property that had a completely redone drain tile/foundation

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

submitted by /u/Qppaid14
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/luwiph/buying_a_property_that_had_a_completely_redone/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...