NEW: BP Podcast 66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank

Hide this

From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1509 topics, 14383 posts — Last Post 04/18/14, 07:04AM

BiggerPockets Exclusive PRO Area

117 topics, 839 posts — Last Post 04/18/14, 05:47AM

New Member Introductions

10874 topics, 85514 posts — Last Post 04/18/14, 08:51AM

Real Estate Success Stories

394 topics, 6128 posts — Last Post 04/18/14, 09:17AM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5929 topics, 46728 posts — Last Post 04/18/14, 09:19AM

Renters

643 topics, 5820 posts — Last Post 04/18/14, 08:38AM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1609 posts — Last Post 04/17/14, 08:53AM

Do it Yourself

654 topics, 6262 posts — Last Post 04/18/14, 09:08AM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3668 topics, 29420 posts — Last Post 04/18/14, 09:19AM

Real Estate Guru, Book & Course Reviews and Discussions

1132 topics, 11549 posts — Last Post 04/18/14, 08:31AM

Ask About A Real Estate Company

740 topics, 7315 posts — Last Post 04/18/14, 08:56AM

Real Estate Investing

Real Estate Strategies

Wholesaling

5591 topics, 43687 posts — Last Post 04/18/14, 09:04AM

Rehabbing and House Flipping

3328 topics, 30954 posts — Last Post 04/18/14, 08:57AM

Real Estate Development & New Home Construction

552 topics, 4679 posts — Last Post 04/17/14, 10:10PM

Innovative Strategies

703 topics, 6027 posts — Last Post 04/18/14, 08:48AM

Tax Liens, Notes, Paper, & Cash Flows Discussion

865 topics, 6668 posts — Last Post 04/18/14, 08:43AM

Rent to Own a.k.a. Lease Purchase, Lease Options

692 topics, 4872 posts — Last Post 04/18/14, 08:57AM

1031 Exchanges

143 topics, 1054 posts — Last Post 04/18/14, 08:41AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11285 posts — Last Post 04/17/14, 06:41PM

HUD, VA, and Tax Sales

414 topics, 3088 posts — Last Post 04/17/14, 07:35AM

REOs

1214 topics, 10570 posts — Last Post 04/17/14, 02:28PM

Short Sales

1534 topics, 13120 posts — Last Post 04/17/14, 04:44PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7194 topics, 70670 posts — Last Post 04/18/14, 09:01AM

Mobile Homes & Mobile Home Park Investing

638 topics, 5139 posts — Last Post 04/18/14, 06:11AM

Investor Basics

Starting Out

7693 topics, 60397 posts — Last Post 04/18/14, 09:15AM

Investor Psychology

430 topics, 6097 posts — Last Post 04/18/14, 07:58AM

General Real Estate Investing

4712 topics, 37166 posts — Last Post 04/18/14, 08:52AM

Real Estate Investor Marketing

1730 topics, 14091 posts — Last Post 04/17/14, 06:21PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1409 topics, 8983 posts — Last Post 04/17/14, 06:13PM

Multi-Family and Apartment Investing

1106 topics, 9196 posts — Last Post 04/18/14, 03:22AM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

638 topics, 4884 posts — Last Post 04/17/14, 02:08PM

Business Basics

Goals, Business Plans & Entities

830 topics, 7556 posts — Last Post 04/18/14, 09:13AM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2784 topics, 19998 posts — Last Post 04/18/14, 08:30AM

Property Insurance

309 topics, 2045 posts — Last Post 04/17/14, 07:41PM

Personal Finance Discussion

328 topics, 2730 posts — Last Post 04/17/14, 04:56PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2830 topics, 19685 posts — Last Post 04/18/14, 08:41AM

Creative Real Estate Financing

1207 topics, 8762 posts — Last Post 04/17/14, 03:35PM

Crowdfunding Real Estate

35 topics, 459 posts — Last Post 04/18/14, 09:06AM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1208 topics, 7966 posts — Last Post 04/18/14, 09:06AM

Bankers, Lenders, and Mortgage Brokers

441 topics, 1921 posts — Last Post 04/18/14, 07:22AM

Contractors

268 topics, 1684 posts — Last Post 04/18/14, 07:43AM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1984 topics, 11590 posts — Last Post 04/18/14, 08:46AM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 428 posts — Last Post 04/18/14, 04:22AM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15006 topics, 53921 posts — Last Post 04/18/14, 09:14AM

Real Estate Events and Happenings

163 topics, 2490 posts — Last Post 04/18/14, 08:49AM

Off-Topic

Off Topic

Off-Topic

2903 topics, 32402 posts — Last Post 04/18/14, 07:21AM

Housing News & Real Estate Market

914 topics, 8351 posts — Last Post 04/17/14, 08:41AM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

Forums » Buying & Selling Real Estate » Foundation repair LIFETIME WARRANTY

Foundation repair LIFETIME WARRANTY

8 posts by 6 users

Signup

· lubbock, Texas


Hey guys,
we are considering a purchase of a house in Texas, where there are "areas of active soil", meaning lots of houses have foundation issues due to bad soils.
The seller repaired the foundation and there's a LIFETIME transferrable warranty.

Does it mean next time there are issues with foundation, the repair company will take care of it without us having have to pay?
Thanks!
Edita



· West Palm Beach, Florida


I would think it's like a roof repair warranty. They guarantee that one small specific area they repaired, assuming the guarantee is worth anything.



Real Estate Investor · Audubon, Pennsylvania


This will be about repairs and warranties in general. There might be some deductible. Also, you have to get a definition of the word "lifetime" - my lifetime, some newborn's lifetime, the predicted lifetime of a typical repair. Sometimes the transfer requires a payment to be made. Sometimes there is a payment schedule to be made during the lifetime, which failure to pay ends the warranty. Sometimes an ongoing (e.g. annually or biannually) re-inspection will be required (and you have to pay them for that).

Best to get a copy of the warranty and read it.


Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


SFR Investor · Texas


In Texas, foundation lifetime warranties typically imply lifetime of the structure and if the seller is advertising it, most likely it will transfer to a new owner. Of course you should verify, but that is typical. These warranties came into existence a long time ago because 90% of these repairs require future adjustments. How do you know if you need an adjustment? You doors start sticking and your sheetrock starts cracking. The warranties will not typically cover damage that occurs to other items than the foundation, such as but not limited to sheetrock and plumbing, that occur due to future movements. The warranty covers the cost to re-level the foundation and then you fix everything else. Soil movements are extremely common in Texas, but even so, I am not very turned on by these properties. You can find houses that don't have issues.



· lubbock, Texas


@Bryan: WOW! You CAN find houses with no foundation issues? I was told by other TX investors that the houses are divided into 2 categories: the once with foundation issues and the ones that will HAVE a foundation issue in the future.

So, I thought if we buy a house with a REPAIRED foundaiton, we will eliminate the fear of having have to deal with the issue later



Residential Landlord · Dallas, Texas


I would be highly skeptical of a "lifetime warranty" from a foundation company. I know Brian Hoyt has had a good experience with a reputable company that actually honored its warranty. My perception (based more on anecdotal conversations) is that 9 times out of 10, the company will find some way to avoid having to honor the warranty (e.g. improper drainage caused movement). If you are buying the proposed property from another investor, then I would be even more skeptical that the warrant (or repair work) is worth anything. My observation is that most investors use cheap, crummy companies that are basically fly-by-night. I generally prefer to perform foundation repair myself to ensure it's done by my guy.



Real Estate Investor · Dallas, Texas


WHAT!?! That's what I thought as I read your last sentence @John Chapman, "I generally prefer to perform foundation repair myself" until I read, "to ensure it's done by my guy."


Small_dreamstime_l_17553651_-_copy_crCarlos Flores, Stronger Communities Alliance, LLC
E-Mail: [email protected]


· lubbock, Texas


Brian Hoyt I am so uncomfortable considering a house with a foundation issue... Even if it got repaired...Since, like you mentioned, 90% of the houses will need an adjustment in the future!





Sign up