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Robert Gunther
  • Kelowna, BC
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51
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A bad foundation, is it good for me?

Robert Gunther
  • Kelowna, BC
Posted Aug 24 2016, 19:57

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.

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