Rental Property Investor · San Clemente, CA · Member since 2019 · 160 posts · 34 votes
I just got an inspection done on a property where the inspector believes there are major foundation issues (cracks, bowing interior, ineffective DIY metal posts in basement).
When I spoke to the contractor who provided a bid to fix and flip the house, he basically said foundation issues are not that big of a deal in Ft Wayne because all houses in Ft Wayne basically have some type of foundation issue because of how old the houses are.
My question is- how big of a deal have you found it to be when it comes to buying and/or selling the house?
Aside from the ethical dilemma of not fixing a problem I know is there, I dont want to spend a bunch of money fixing up the house (and not the full issues behind the foundation), only to list it, get a buyer, and then have it fall through or reduce the sale price significantly when the buyer gets their inspection
In North Texas many homes have foundation issues too. I have heard that some lenders require a fix before close depending on the severity of the issue. There are foundation repair experts in our area, I would try to find one in Ft Wayne and get another opinion.
Los Angeles CA. · Member since 2019 · 10 posts · 0 votes
7y
I think that if your inspector made note of this issue that the buyers inspector will note this issue and you will have to compensate some how. Think the best thing to do is fix the issues or walk.
In North Texas many homes have foundation issues too. I have heard that some lenders require a fix before close depending on the severity of the issue. There are foundation repair experts in our area, I would try to find one in Ft Wayne and get another opinion.