Cracked Foundation?

Cracked Foundation?

Hi everyone. I found a house, but not sure whether to put in an offer because the owner says it has a cracked foundation. I'm into assigning contracts. I know investors buy ugly houses with all sorts of things wrong with them, but does a cracked foundation kill the deal? Anyone ever bought a house with this issue? What is the cost to fix?

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When you don't have more, you have to create more. - Cre8mour


that depends

is the crcked foundation in a part of the home that can be easily torn out and fixed. You have to cosider the time and expense as well as the original cause of it.

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Anita
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"FAILURE IS NOT AN OPTION"


Get A Professional

I would suggest get someone who knows about to check it out. I had a friend who got a house for an awesome deal because of that. It scared everyone else off - but he had an estimate done to repair it and it was only 4k. I know it sounds like alot, but since he got the house for less than 1/2 the fair market value it really was a drop in the bucket. They actually jacked the house up, repaired the foundation and set it back down....and now look at the equity he has!!! So dont discount anything - but do your due diligence on repair costs...good luck!


Thanks Anita and LJ

I'm not sure exactly what part of the house the foundation issue is in or whether it could be easily fixed. The house is not in my state, and I've never actually seen it. It's funny you both responded the way you did because I'd visited both schools of thought in my head. On one hand, I figured maybe I shouldn't even bother making an offer because this could be expensive to fix, and may make buyers aprehensive. On the other hand, I thought this could be perfect because if I'm nervous about it, then it'd likely make others nervous as well, causing them to walk away and make room for me to pick up the deal, and pick it up cheap! I just wouldn't want it to scare away the cash buyer I'd be looking to assign it to if I could get it under contract. What the heck? I may as well go for it and see what happens. Thanks again! I love this site...

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When you don't have more, you have to create more. - Cre8mour


Put in an offer but have it

Put in an offer but have it where the sellers repair the foundation. Get an estimate and at worst have them pay half the costs

Depending on age and condition of rest of home, either way it could be a gem