What holds up your house isn’t something you think much about. Until you realize your entire house might fall down.
Do you see any problem here? The above graphic is pretty much what the appraiser noticed when they crawled under Lucy and Jim’s house.
VA Properties need to be Structurally Sound
The sellers had been foreclosed on, so they were long gone. The bank that owned the house pulled the “transfer disclosure exempt” card, meaning they didn’t know anything and weren’t responsible for telling the buyer about this issue. The house was 40+ years old, and there were no negative signs anywhere.
This was one of those surprises you’re super glad is caught – before – you buy the place.
Have you seen the movie the Money Pit?
The appraiser wasn’t a foundation expert, so they called for a foundation person to come in and decide if this was a big deal.
It was a big deal
A $16,000 big deal to be specific.
Sure, all they needed to do was move the concrete pier over a little. No problem. The cost came from having to holding up the house while they did that.
I know, you probably have a ‘guy’ that could have done it for cheap. But I also suspect you have a ‘guy that might win a Darwin award too.
“As Is” – I don’t think so…
Remember, this was a foreclosure. The bank had in their contract that is was an “As Is” purchase (written in bold font in about 10 places).
But we sent the engineer’s report to the bank. Guess what Mr. Bank… You might not know anything else about the property that you have to tell a buyer, but you know this now… Which means you have to tell the next buyer if you don’t want to fix it now and close with us.
Amazing how some common sense magically gets a $16,000 repair done. At the banks expense.
Lucy and Jim got their – now – structurally sound house.
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Information accurate as of publication date; the views, articles, postings and other information listed in this section are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation. The material in this section is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.Tue, 2016-02-02 07:45