Hello guys, I am under deep negotiation with the owner of a quad right now. I could actually pay his asking price if it wasnt of one issue I have no clue how dangerous could be. To get into context, this quad isn't on the market, but the owner did try to sell it before, previous "buyers" backed off after inspection.
Originally it was built the 1890, the interior of the building is actually very clean (I was very surprised), the issue is with the foundation. Here these old foundation are around 3feet wide of rocks and other materials I don't know the name of in english :P . It's also around 3 feet tall, with the snow around I coudln't get a good look at is beside the front of the property. There is a massive crack that runs all the way the rock is, water is not getting in because it evacuates very well and there's a little roof over it. These old foundation always have cracks but this one is biggg and I'm wondering if this could be the reason the old buyers backed off. It's also somewhar diagonale which I heard is a very bad sign.
Can anything be done to fix such a issue? Or will it come back 3 years after patching it? I'm afraid I won't be able to sell the building for retail value if it can't or isn't worth the effort to fix.
Its lasted well over 100 years . You would want an engineer to look at it .
@Philippe Busque you’ll want to get an engineer to review and give a letter on how to fix, my guess is dig out around it when it’s warmer and pour a new footer to support, patch grout and you’ll be good. Depending on subcontractor used and extent of damage, could be 5k-10k. But the engineer is the important part. I’d put it under contract and assume a certain amount of money to repair. Be upfront with sellers. “I know this has to be fixed. I’m planing on 5k in repairs. If my 3 bids come back higher then we will have to negotiate down dollar for dollar to cover. Fair?” or something along those lines.
Engineers in the USA in my state run about 500USD
Sounds fair, I didnt want to put it under contract but it's by far the best way to go about this. Thanks for the hindsight. I'll offer his asking price on the condition that an engineer looks at it and that he does the recommended work on his dime. I'll keep this thread updated even if the deal falls apart, good luck guys!
Deal is in standby. Foundation is great but it turns out roof is leaking even thought it was done in 2011, pulled my offer and talked to the owners who said he'd do the work and will call me again, he's also going to deal with other annoying stuff (re-do all 4 electrical panels, insulate windows, insulate the roof too).
If he really does all of this and does it great my next offer will have no conditions and we will go forward. Good luck guys!
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