Should I back out of this deal??? Foundation/waterdamage…

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Should I back out of this deal??? Foundation/waterdamage…

Jacob Fussell
Real Estate Agent · Shreveport, LA · Member since 2020 · 7 posts · 2 votes

I got a great deal for a higher end home(est.30k equity at the buy), but the seller didn’t take the time to fill out property disclosure correctly or lied about a leak he previously had in the home. Appears that he redone the ceiling and moisture damage in baseboards). There is also a stair case crack on the brick exterior(no interior cracking). Should I back out of this great deal to be safe? I’ve bought a house with a bad foundation and it’s a pain.

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  • Nathan A.
    New to Real Estate · Sunnyvale CA and Maplewood, NJ · Member since 2022 · 257 posts · 161 votes
    3y

    If it were me I would absolutely stay away from a bad foundation and leave that to somebody who really knows what they’re doing. But has an inspector or foundation contractor said it truly is a bad foundation? These inspection issues don’t scream that to me.

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  • Randall AlanPro Member
    Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
    3y
    Quote from @Jacob Fussell:

    I got a great deal for a higher end home(est.30k equity at the buy), but the seller didn’t take the time to fill out property disclosure correctly or lied about a leak he previously had in the home. Appears that he redone the ceiling and moisture damage in baseboards). There is also a stair case crack on the brick exterior(no interior cracking). Should I back out of this great deal to be safe? I’ve bought a house with a bad foundation and it’s a pain.

    If the damage has been adequately repaired, why would you walk away?  Ask yourself if the damage affects the long term ‘hold-ability’ of the property?  Accidents happen… you repair them and move on.  If anything wasn’t done totally well, I always see those as negotiating points to leverage a better price.  At the end of the day you have to decide “is the deal worth it?”  A little damage has never driven me away from a deal.  Even something like termites… you inspect it, treat it, and move on (as long as the damage isn’t major.  

    randy 
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  • Jacob Fussell
    OP
    Real Estate Agent · Shreveport, LA · Member since 2020 · 7 posts · 2 votes
    3y

    @Randall Alan

    The water damage is a negotiation point as it can be permanently fixed. I’m getting a foundation specialist to go out and assess the damage, but their best interest is getting my future business - not advising against a house with settling problems. What do you think?

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    30k equity is not something i'd be excited about. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Jacob Fussell

    Run away

    What else are they not disclosing ?

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