I looked at a house months ago has just gone into pre-foreclosure. The house has serious foundation damage (back of the house is falling off basically), but is in a great location. Looking to see what the BP community thinks about properties with this kind of damage? Has anyone dealt with a property with serious foundation damage?
The key is to get a good accurate estimate on the repair. If you can do that, then why not work with it?
Very good point. I forgot to mention that this would be a short sale as well. What are your thoughts on that portion of it?
Best for investors who fully understand the situation and the corresponding risks.
Need to know if the problem is fixable. Dynamic soil problems (clay on schist, etc.) have historically only been stabilized with expensive pylons or other mechanical methods, although advances in geo-textiles and other high tech engineered solutions are becoming more widely used and available.
A problem purely related to a foundation, such as a cracked slab, can be identified and the remedy and its cost/risk estimated fairly closely and kept within budget.
Many years ago I sued (and won) a large tract home builder and their grading engineering firm. Learned a lot. It was a frustrating experience due to the myriad of experts who where required during the discovery phase of case.
If you think you're just going to fix a floor, you'll need, at minimum, a structural engineer to inspect and identify the source of the problem.
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