Updated 6 minutes ago on . Most recent reply
Foundation Issues and Step Cracking
I've recently toured a couple properties being sold together (commercial sale due to both being on one tax parcel). The good news is the underwriting looks great for future cash flow. The bad news is there are some glaring issues with the structure that I'm worried about. I received the inspection reports from when the current owners purchased the properties in 2021. Below are the notes that the inspector made regarding the issues, but apparently the bank was more than happy to lend on the property without these being addressed. I'm already coming in with a low offer due to 3 units being vacant and the rent roll not supporting their asking price. How big of a problem is this and should I negotiate these repairs into the purchase? My realtor says that these are normal issues with buildings of this age (1950s), but I live in a brick home built in the 1920s and it doesn't have these issues.
Under "Recommended repairs":
"Brick has some step cracking on the east side - recommend a qualified contractor/and or structural engineer to
evaluate and repair/seal as needed."
Under "Items to Monitor":
1.Exterior - Foundation has a verical crack on the south side - recommend a qualified contractor to evaluate and to
repair/seal as needed and to monitor crack.
2.Basement Foundation has a typical vertical crack on the north wall - recommend a qualified contractor to repair/seal as
needed and to monitor crack.
Pictures 1 and 2 are one building, picture 3 is the backside of the 2nd building.
