Buying a home with foundation damage

Hey guys,

So i'm looking at buying my first home. I found a house that I LOVE, but it has definite foundation issues. There is some definite separation of the brick near one corner of the house, and the back staircase is leaning 4" to one side over the 5' width. There's also a big crack in the middle of the garage slab and the garage itself looks like its starting to separate from the house.

I know it sounds like a real headache, but here's the thing. The house is in foreclosure and is priced about 100-120k less than comparable houses in the same neighborhood. I'm not in a rush to move in so i could stay in my current place until all the repairs are done. Could these issues really cost 100k to fix????

any feedback would be appreciated! Also, if i'm really going to move on this, i need to move FAST!

Jaylaw

With all the houses on the market, you're chasing this dog?

No, man.

Just, no.

probably close to it.

i would keep looking though

There aren't many houses on the market in the area i am looking. there are like 3. one is completely brand newly renovated and about 30k above my budget. The other needs a total cosmetic upgrade and is only 10k below my budget. This one obviously has issues but is 130k below budget. Obviously im not going to make a decisino without putting plenty of thought in, but "just no" is not helpful at all.

I wouldn't do it.

The 1st rule in buying a home is to not fall in love with it.

:2cents:

kevo_55 said:

I wouldn't do it.

The 1st rule in buying a home is to not fall in love with it.

:2cents:

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And he's a structures guy!!!\

come on guys, someone has to buy this house! who better than an engineer

especially an engineer with 130k to blow on fixing it! i mean, people seem to have bad feeling about stuff like this, but i think its because it happens to their house that they already own and they have to come up with 20 grand out of nowhere for a problem they didnt know they had.

when you know up front, why is it such a big deal still?

Good luck finding a bank that will loan you money for such a house. Or even an insurance company for insurance before the house is fixed.

How old is the home?

Supe said:

How old is the home?

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was built in the 1930s, as was basically every home in Southern Kansas City, MO

A home like this oftentimes requires a cash buyer. The bank may not loan to you on a home with foundation damage.

ptatohed said:

A home like this oftentimes requires a cash buyer. The bank may not loan to you on a home with foundation damage.

Click to expand...

interesting. thanks for the info. im just wanting to at least look into the home as much as i can until i hit a roadblock. that might end up being it. but hey, im the type of guy who runs things to ground before giving up!

Jaylaw_PE said:

Hey guys,

So i'm looking at buying my first home. I found a house that I LOVE, but it has definite foundation issues. There is some definite separation of the brick near one corner of the house, and the back staircase is leaning 4" to one side over the 5' width. There's also a big crack in the middle of the garage slab and the garage itself looks like its starting to separate from the house.

I know it sounds like a real headache, but here's the thing. The house is in foreclosure and is priced about 100-120k less than comparable houses in the same neighborhood. I'm not in a rush to move in so i could stay in my current place until all the repairs are done. Could these issues really cost 100k to fix????

any feedback would be appreciated! Also, if i'm really going to move on this, i need to move FAST!

Jaylaw

Click to expand...

I have several years of project managment in the sinkhole industry. I have performed hundreds of foundation investigations and remediations. The first thing is foundation repairs can be very expensive depending on the causse. A few questions to ask yourself what is causing the settlement? If this is a very old structure and you believe it is due to differential settlement than you may be looking at just foundation repairs. If you in fact have bad soils or highwater table or any geological anomoly causing it RUN! the cost for a typical remedation due to bad soils range from 175k to well over 500k depending on the method from grouting to underpinning. What part of the country are you in?

ptatohed said:

A home like this oftentimes requires a cash buyer. The bank may not loan to you on a home with foundation damage.

Click to expand...

This. When you go to purchase you'll need to have it appraised and inspected, and inspectors typically don't overlook something like this.

Even then, it may be worth your effort to consult with a contractor or two familiar with the area on repair costs.

Jaylaw_PE said:

Supe said:

How old is the home?

Click to expand...

was built in the 1930s, as was basically every home in Southern Kansas City, MO

Click to expand...

Its one thing to address foundation issues on new homes, but on something that old, just consider how much damage there is that's hiding where you can't see right now...

AZCIVILTRANS said:

Jaylaw_PE said:

Hey guys,

So i'm looking at buying my first home. I found a house that I LOVE, but it has definite foundation issues. There is some definite separation of the brick near one corner of the house, and the back staircase is leaning 4" to one side over the 5' width. There's also a big crack in the middle of the garage slab and the garage itself looks like its starting to separate from the house.

I know it sounds like a real headache, but here's the thing. The house is in foreclosure and is priced about 100-120k less than comparable houses in the same neighborhood. I'm not in a rush to move in so i could stay in my current place until all the repairs are done. Could these issues really cost 100k to fix????

any feedback would be appreciated! Also, if i'm really going to move on this, i need to move FAST!

Jaylaw

Click to expand...

I have several years of project managment in the sinkhole industry. I have performed hundreds of foundation investigations and remediations. The first thing is foundation repairs can be very expensive depending on the causse. A few questions to ask yourself what is causing the settlement? If this is a very old structure and you believe it is due to differential settlement than you may be looking at just foundation repairs. If you in fact have bad soils or highwater table or any geological anomoly causing it RUN! the cost for a typical remedation due to bad soils range from 175k to well over 500k depending on the method from grouting to underpinning. What part of the country are you in?

Click to expand...

its in kansas city missouri.a lot of the houses in the area have had settlement, but i think its due mostly to the age of the houses. the soils are pretty much midwest red clay types that generally are pretty good.

There's no such thing as a "good" clay when dealing with foundations...

Jaylaw-- You have gotten some great ideas above. I probably am of the "run away" school, however, before I taint your brain, let's look at this. Get some structural engineers in that know what they are doing and have them give you an opinion on what they think. I don't mean a foundations settlement expert, a real true structural engineer. If you are that guy, hire someone good-- remember a professional who has himself as a client has a fool as a client. Pay the bucks to see what they say-- yes, it costs money, yes, they may be as smart as you, however, they have no emotional involvement in the process. They are going to give you an opinion rendered in fact, not emotioni.

REALLY THINK if this a house that you are willing to spend the extra $$$$ for to fix-- even though it may appear to be $175K less than market, it is probably that price because it will take $175K or more to bring it up to market standards. Having knocked around a little, I have come to the conclusion that it is cheaper and easier to pay up front and not worry than to go cheap and then try to fix everything-- a point to consider carefully.

It is, afer all, your money. However, your colleagues here have given you some great ideas to consider before you spend it. Good luck!

Jaylaw_PE said:

ptatohed said:

A home like this oftentimes requires a cash buyer. The bank may not loan to you on a home with foundation damage.

Click to expand...

interesting. thanks for the info. im just wanting to at least look into the home as much as i can until i hit a roadblock. that might end up being it. but hey, im the type of guy who runs things to ground before giving up!

Click to expand...

Furthermore, let's say you do get approved for the loan on the house. You may now have to pay for the repairs out of pocket, since securing a loan for the improvements might be very difficult.