Wanted to share the experience my husband and I went through on our last flip. We purchased a two story flip home in Wisconsin. Had a home inspection performed (electrical and mold issues found). House went on the market 3 months later. We received three offers on the home. After accepting the offer - the home inspection by the buyers was performed. The inspector found that 3 of the basement walls needed to be reinforced. Nature of the beast or need a new home inspector??
Something like that shouldn't be overlooked and now it's going to cost you- I would find someone else. I'm in the mindset that if an inspector missed that what else has been overlooked.
I would get a second opinion. Are you talking about foundation walls or non-load bearing interior walls? Determine if this is a structural issue and how much it will cost to fix. If its a deal you dont want to lose negotiate some reduction in price based on the severity of the issue. If its not an immediate threat take off more money. If its not too serious try and push it off on the buyer or move on to another buyer.
A second opinion does sound like a good idea, but like Rob said, see if the buyer will take it as is. And as for another inspector, maybe you should get the card from the buyer's inspector. :)
Need a new inspector. Unlikely the buyers will pay for this and it's going to cost you thousands.
Most structural engineers will say that any thing 3/4 inch or more displacement will need to be braced. Some go even as far as 5/8 inch. I haven't met one inspector in Wisconsin that doesn't go right to the basement walls and put a level on it. The fact that yours didn't is very concerning.
PM and I can supply you a inspector I use as well as a couple differnt foundation companies you can call for pricing.
What does the amendment to the offer say in regards to who can brace the walls? I also know the company in Milwaukee that makes and sells all the braces to the foundation guys. They will sell directly to homeoweners. You could do the bracing your self if your capable or can get a foundation guy to cut you a deal if you supply the braces.
Realize a home inspector is not a structural engineer. He is giving an inspection report in which he is identifying the possibility of the walls needing bracing. That doesn't mean that they actually need to be braced, for that determination you need a structural engineer to take a look.
I'm not saying he's wrong but there is a possibility a professional report from a structural engineer may say everything is fine. Then it's up to the buyer if they want to walk, and if the issue comes up with any later buyers you already have a structural report saying it's all fine.
We had both a basement specialist and structural engineer to look at the problem. Bracing all three walls is overkill and probably not necessary - but needs to be done. @Matt Devincenzo i do agree, home inspectors can only do so much. But I do believe a level was not even used the check the walls during the inspection (one wall is pretty obvious). The short of it is....the problem needs to get fixed. We are picking up the cost of the repair and the buyers are willing to continue with the contract. At this point we are happy the buyers want to continue as we are looking for the next project. I appreciate all your opinions and suggestions. This is why I LOVE bigger pockets!
Awesome that the deal is still going through!
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!