Skip to main content

What is the worst that could happen with foundation issues?

TLDR: can't stop considering this house that has the perfect lot and location but has an obvious big foundation issue even after previous repair, has gone pending twice and back on market. Very attractive price. What is the worst that we could be in for if we go for it?

OK... we are located in central Texas. You can't talk to anyone about foundation issues here without hearing "it's not if, but when" and that basically everyone should expect at least a small foundation issue at some point. The thinking there is that it shouldn't be an absolute deal killer. We are selling and then buying and, as everyone else, doing it in a small window of time. We have found a house in our desired location with basically the perfect lot. The price was a little on the high end initially, and when we went to see it it was very clear immediately upon walking in that there is a foundation issue due to sloping floors. In fact, a group went in after us with an agent and we saw them leave immediately. That said, we've seen a recent inspection (which said something along the lines of "no foundation issues" which is laughable). It is on a slab and there is also a previous foundation repair, however only 18 piers installed which seems like a really small amount. It is under warranty, but of course I won't count on that. It has gone pending twice and back on market, with price drops each time. It is a one story with a slightly sloping lot. In addition to the sloping floor in the hallway, here are some other red flags: pool right in the middle of the lot seems to be out of level, probably old vertical crack in masonry in location of previous repair, installed humidifier (as in not just temporary) in an added on room (maybe an old garage conversion), very large empty lot next door at the end of the slope - like super super large and no houses (this is in a neighborhood of large lots, but this is out of the norm, definitely wondering what used to be there but not sure how to find out).

The price now is just really attractive and clearly someone lives there and the house functions. What is the worst that we could be in for if we choose to pursue and get more interested? Obviously we would be having a consulting engineer out, but I also expect surprises even with that and just want to know what other people have experienced. We still have a lot going on with selling our house and some family stuff, so we were going to wait another month before really going down this road, but this house could be worth it. Any cautionary tales?

submitted by /u/septl1981
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/oay2vw/what_is_the_worst_that_could_happen_with/

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...