I'm taking a poll. We looked at a house that had a foundation repair due to a sinkhole. This repair was 10 years ago, but there is a NOC filed with the county from the foundation company that made the repair at that time. Anyone that researches the history of the property will see the NOC with this "sinkhole" repair.
My question is even though the property was repaired, will this situation be a stigma when trying to flip this house? My instincts tell me yes, but I'd like your opinion. I'm sitting on the fence on whether to bid on this house or not. The house is a total gut, but the price is good.
Thanks in advance for your response.
As someone who has lived in Florida for thirteen years, I would run away from that kind of deal. It would be very hard to sell, I think...
All comes down to pricing. I like foundation repair jobs, they're fat and nasty, but due to the price markup on companies for warranty, it's all nice and fat, and EVERYONE, wants a warranty on those kind of jobs. Everything for the right price is gold in the eyes. If this is LA and there's a 20-40k gap because of a fixed foundation issue. It's still a snatch.
Thanks for the responses and if anyone else wants to chime in, please do. I'm still sitting on the fence with this one.
If you don't see any foundations issues now then the fix has works and will continue to work without issues. I am not familiar with NOC on the title and the adverse effects this could have.
Run!! I would never purchase a home with Sinkhole findings. With all the drilling that Mosaic had been doing in the middle of the state and breaking into the aquifers... we are set up for more sinkholes.
Just my opinion but I would never buy something that had a history of it.
As an investor, I wouldn't buy a sinkhole property for a flip. You have to disclose, and most retail endbuyers will RUN away when they hear the word sinkhole.
Only time I would ever even consider it if it was a buy and hold that I could get at a steep discount, and rent for enough cash flow to justify the risk....and could get a full inspection/review of the foundation remediation work done....and even then, I would pause.
Thanks everyone for the responses. I think I am going to run. Not worth the effort or the risk. I can wait for something better to come along.