Featured Post

Open House Concerns

Q -  Recently in the news there was a report about property being stolen at an Open House.  Is this a common occurrence and can anything ...


Cracks in Foundation not Disclosed

Q - I'm in the process of buying a home conditional on financing and home inspection.  My financing has come through but there are issues with the home inspection.  My inspector found cracks in the foundation in the basement.  This was not disclosed and it looks like there was an attempt to hide these cracks.  I like the house but also concerned with the foundation.  How can I salvage this?

A - Good for the home inspector for having found these cracks!  It is always wise to have an inspection.

You have two choices:

You can rescind the contract since one of the conditions is that you 'are satisfied' with the home inspection -- and you are not.

Or, if you really want this home, have your real estate agent determine if the sellers would reduce the price by the amount it would cost to repair the foundation. If no, then you can decide if you want to bear the cost or walk away.  If yes, hire a contractor to evaluate the situation and give you an estimate for repairing the foundation.  Have your agent do an amendment to the contract which would deduct the cost of repairs from the price of the home.

Since you feel there might have been an attempt to deceive a buyer, be very certain that all other major and costly aspects of the home are acceptable -- electrical, plumbing, roof and so on.  Be sure to also check to ensure that the title is in good order and verify with the municipality regarding zoning and any set backs.  Your agent should be doing this as part of the real estate process.

No comments:

Post a Comment