Considering a Rental with Foundation Issues
Hey BP!
So I came across a property that I'm interested in. The house was actually put under contract the day I reached out to the listing agent, but she called me to let me know the deal was going to fall through. She told me the inspection showed the house had foundation issues so the buyers backed out. she sent me the quotes from the Foundation Repair companies, but there's a big difference in price between the two quotes she sent. one is at 13k and one is at 25k.
So i have two questions.
1. I haven't actually gone to look at the house yet, so I'm not sure how noticeable the foundation issues are, but if they're not noticeable would I be required to repair the foundation? If I'm not required would it be ok to just leave it alone? I'm not flipping the house, it would be a buy and hold play.
2. Since the quotes have such a big difference in price, is there someone you guys can recommend to have another look and provide another quote?
I'm planning on looking at the house as soon as the buyers send in their termination, but would like to have an idea of what all my options are.
I don't have an inspection report, but one of the quotes has what looks like a diagram that provides a summary of the deficiencies. I've never dealt with foundation issues before so I'm not really sure how to read it. I'm going to be googling some of the terms on the quote to try to understand it. I'm also attaching it here, if anyone can read it and wouldn't mind explaining it i would really appreciate it.
Thanks in advance guys/gals and any input would be really appreciated!
Alex