Posted by Marcos on December 16, 2002 at 11:00:10:
Get the egineer to put that in writing and then you should be ok. That’s what I would do.
Marcos
House Has Foundation Problem - Posted by Verve
Posted by Verve on December 16, 2002 at 10:40:38:
I recently purchased a home with a foundation that has settled about 1 1/2 inches. This settlement was caused from a pool that cracked and leaked due to the Northridge Earthquake.
Anyway, it’s my intention to level the floor with self leveling cement and disclose to any prospective buyers that I’ve made this repair.
I’ve had a structural engineer inspect the property and he says the home is structurally sound.
My question is: has anybody here had any experience in selling homes with foundation problems that have been disclosed?
I have two fears: one, if I don’t disclose, that it could somehow come back to haunt me and two: if I DO disclose, that prospective buyers may run away. I’m not certain what is the best path here…
Re: House Has Foundation Problem - Posted by Marc
Posted by Marc on December 16, 2002 at 12:45:48:
I have a similar issue. Same deal, where the foundation has settled on a 20 year old brick home. Thing that I’ve found is that the engineer told me that there is not a safety issue here, but when disclosed in his report, it sounds really bad. Additionally, any other “items” that may be found seem to be multiplied. The engineer put a price tag with all repairs, which he estimated about 50% higher than my cost would have been, and the agent suggested his seller have the work done by “people he knows” instead of us, and the mortgage company wanted 2.5 times the estimate to be held in escrow until all work was done. The “stair-steps” in the brick were something that I noticed, but I figured it was OK (I have them on my 50 year old house). Around here, there’s a big sales push going on for helical piers, which fix the settling.
Invest & Learn,
Marc