How much to Estimate when Foundation is Compromised?

Question

Hello everyone,

I am looking at a house that has major foundation compromises and will need to be fixed. The last time in this house, the majority of the basement was wet. In general, how does everyone estimate this, or should I just walk away because I don't know exact cost? I have thought about bringing a contractor in, however the owner would like to see a contract before any inspections. I have estimated all other repairs for this house, and it seems like a good deal minus foundation work.

Thanks for any help!

Justin Tahilramani · Answer

@Steve Gress - I wouldn't waste my time. The seller wont let you bring in a contractor without a contract? Why not? That's a red flag in my opinion.

As for the foundation - how is is compromised? Are you just talking about water infiltration - or is there visible structural damage?

Account Closed · Answer

@Steve Gress

Due to the foundation issues this house may need an all cash offer because it won't qualify for traditional financing.  If this is the case the price must reflect this & be much lower.

Michael Evans · Answer

It might be a good learning experience to get it under contract with an inspection contingency. You could probably get a couple contractors to give you a free estimates and then at least you would have something solid to get the seller to credit the repairs.

Michael Evans · Answer

It may be possible to repair the foundation but you would also need to address the leaking. Probably needs waterproofing on the outside of the concrete and installation of some type of drainage to prevent water from sitting up against it.

Typically, after waterproofing, there would be a perforated drain pipe with drain rock around it to carry the water away from the house. $$$

Ritch Bonisa · Answer

I actually see this all the time.  I manage rehab projects for alot of remote investors.  Based on the situation you have described - pass on this one.  It's just not worth it. This situation increases risk.  I'm always looking to minimize risk for investors. In this case the foundation repair costs area a total wild card.

Also, consider this - what is the age of the house.  When was it built?

Holly Hall · Answer

I would probably add a contingency clause to a sales contract if they wanted a contract before any inspections. If they don't want to do that, I would pass on it because you could be getting yourself into a very expensive repair.

Curtis J. · Answer

A foundation repair could easily cost more than 10k if its bad enough.   With the information you provided no one, not even some one who specializes in them will be able to help you.  You need to get someone local and qualified to look at it.

Edit to add:  Foundations are not a wise thing to speculate on without any history in repairing them.  Engineers make big bucks doing this because its not as simple as pour some concrete under it or  just jack it up an inch or so.

Steve Gress · Answer

Curtis J. I agree there is a red flag. The foundation is cracked and has moved in a couple of spots more than 2 inches.

I appreciate everyone's comments and think unless the seller changes his mind on inspections or third parties before a contract, I just don't think it's worth the risk. I was estimating $15,000, just don't know if that was enough.

Ben McMahon · Answer

@Steve Gress  I bought a house with foundation issues.  I did most of the rehab except the foundation. I got an engineer to take a look at it.  70k was the price.  Definitely didnt have that in the budget.  Now I am shopping around for more pricing, and getting a second opinion, but basically am not making money on this one.  BTW this house is in White Post, so not far from Winchester.   My dad does a lot of foundation work and is giving me a second opinion this morning.  Ill let you know how it goes.

How much to Estimate when Foundation is Compromised?

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