First Deal - rehab - Posted by Tom (STL)

Posted by Becky IL on August 09, 2001 at 13:54:53:

Don’t walk away from this one, just use it as an added bargaining tool. There are companies out there that use anchors to straighten the wall and it’s really not that expensive. I don’t know what it’s called, per se, but call some construction companies and ask if they know who does that and then get in touch with them and have them give you an estimate. I would expect the cost to be a grand or two, and so maybe you can write up a Purchase Agreement but write in it that your offer is subject to a structural inspection within X amount of days. That way, you can back out or renegotiate after it is inspected by a company that does these wall or foundation anchors.

First Deal - rehab - Posted by Tom (STL)

Posted by Tom (STL) on August 09, 2001 at 13:25:19:

I’m looking to get into my first deal with the intent on buying from a wholesaler, rehabbing, and selling retail.

I just went through a house last night and it was run down, but very “fixable”, however, there were several foundation cracks visible from the basement that had been repaired, but one that concerned me was located in the rear of the house, and when I went outside and viewed the wall (all brick house) from the yard level, you could see a slight inward slant in the wall just above the foundation crack.

Obviously, I would have the sale contingent upon an inspection, but a full assessment of this situation would probably be beyond the ability of a standard home inspector. He would probably simply only point out what I have already observed.

So my question is, do I bring in a specialist (ie. structural engineer), and if so, how do you typically approach these types of situations without dumping hundreds of dollars into inspections only to have the house fail, move onto the next house, and potentially experience and go through the same routine? It could get rather expensive.

Do I just walk away?..the house really does have potential outside of what I have mentioned.