All Forum Posts by: Account Closed

@Derek Luttrell Yeah, I'm not sure as I've never done it, but I would imagine they would view a refi in a similar manner.  I'm under contract near South Bend.  I was actually born in Anderson, but we moved when I was three so I don't know much about the area these days...

@Derek Luttrell Have you called your lender? They should be able to give you an answer relatively quickly. I can't imagine there isn't a lender willing to finance 80% of the ARV assuming it appraises at $65k. Where in Indiana are you buying? I also live in Chicago and have a home under contract in Indiana.

I'd love to get thoughts on how serious people think the below foundation issues are.  I imagine this would be a fairly expensive problem for a contractor to fix.  I am getting a contractor in to look tomorrow, but always appreciate thoughts from the BP community.

Here are pics in case anyone is interested.  I'll start a new post with these photos to see if anyone else cares to give thoughts

@Rich Hupper  I'm dealing with a very similar settling issue on a home I have under contract.  Would likely need to jack up the entire East side of the home to fix it.  Did you ever get any color from your GC on why he didn't just fix the root of the problem at the foundation?

@Taylor Chiu  Haha, yeah how convenient 

@Account Closed  For what it's worth, the appraisal came back today at purchase price ($75k), so either the appraiser didn't notice the foundation issues or didn't think it was serious.  I'm going to see the home with a contractor tomorrow so we'll see what he says.

@Account Closed We will see, the appraisal happens this week.  The current owner has a conventional loan but the foundation could have settled after they closed.

@Taylor Chiu That assumes $10k for all repairs including foundation.  HVAC is also old and likely needs replaced so $10k is probably on the low end. Won't know until I get a contractor in there

@Taylor Chiu - Here you go.  Repairs kill the return.