A bad foundation, is it good for me?
I found a property that has a foundation issue.
At first, I was turned off and passed it over.
Doing some Google searching I see they also tried to sell this property in 2014 (at a higher price) but it did not sell.
It has been sitting on the market now for a few weeks. The listing agent says they had an offer but the financing fell through.
I am wondering if financing this property with bank financing would be possible? I doubt many conservative Canadian banks are lining up to lend on properties with foundation issues and that may be why the buyers financing fell through.
I am a cash buyer, so getting financing is not an issue. I know the foundation is fixable for about $50k so obviously I will take that into consideration when making an offer.
I'm am just wondering how much of a disadvantage it is for the seller that people might not be able to get financing.