After months of trying, our offer got accepted for a home in a HCOL area. It was built in the 1960s with some updates here and there (newer windows, addition 20 years ago) but still pretty dated and needs new floors, paint, roof, AC/furnace etc. Good schools, good size, nice yard, nice neighborhood and same owner for 40+ years. We were shocked that our offer was accepted because homes of this size in the neighborhood have gone for $150k more than what we offered.
The problem is that it was settling and the owner did underpinning 7 years ago and had to add additional jacks 4 years ago to re-level interior flooring. Now the foundation inspection shows that although the underpinning was done correctly, some of the pier posts have tilted, which will likely cause more sloped interior floors if they’re not tightened every 7-10 years or so. I also see sloping floors and some wall cracking but no one can tell for sure if these arose as a result of the underpinning, before the underpinning after it was done. Inspector also recommends installing a French drain to protect the underpinning in the future. Now we found out it also needs a new roof. My biggest concern is that the sloping will keep happening and constant foundation expenses/worries down the road after we spend more money updating it. We can still back out. Should we? Also worried that we are going to get totally priced out of the area soon if we don’t go for it.
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source https://www.reddit.com/r/RealEstate/comments/qifwha/am_i_making_the_wrong_decision_by_backing_out/
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