The question you present is incredibly important and deserves a thorough answer.
Of course, a through response can not be provided in a Q&A on the internet.
You really need to chat with a real estate professional who works in Pasco County.
As a home buyer you need to ask your agent:
1. If a home has been remediated, what are the issues I may face today and in the future?
2. How much time must pass before 'sink hole' is no longer and issue and does not REQUIRE disclosure.
3. If the home for sale has sink hole damage and the insurance money was not spent by the current owner on remediation, what are the ramifications?
4. How can I determine if the home I am wanting to buy is currently under the influence of a sink hole?
5. Are there any circumstances where a home I purchase, in good condition, can become mot insurable? You will find 'sink hole' is not the only issue.
From the basis of the above information you can properly place your observations into the proper context..
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
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Broker, Lightning Realty
Innovation and Experience
Fax (813) 443-0118
If you don't take my advise, mark my words, you will regret it!
STAY AWAY FROM SINKHOLE HOMES...PERIOD!
Ever wonder why realtors don't actually buy Sinkhole property? Same as Mortgage Brokers, because they know the real deal too.
See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.
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Pro Option Mortgage/ Florida
Prior Service U.S. Marine Corps
1) How the repair was done, the best way with a warranty is pinning, adding grout to the ground can't be trusted long term!
2) Repaired sink hole homes can be insured, thus you can get a mortgage if they were pinned!
3) Un-repaired sinkhole homes are cash only, and you cannot get insurance!
4) Repaired sink hole homes sell for more because they can be mortgaged, but they still do not sell equally to a home without a sink hole!
5) Another thought is the area, if the area has sink holes, and the home you're looking at doesn't have one, it doesn't mean it won't get one after you purchase it!
Sometimes you can and sometimes not. Of course it is usually a bit higher but once the sinkhole has been repaired properly then the insurance can go down. Are you looking to buy in Tampa or the New Port Richey area? I would be happy to send you a few homes to consider and can help answer the other questions you may have about purchasing a new home.
Please review my profile on Trulia and send me a message or email me directly at Thoyt@prutropical.com
No pressure, just help.
Prudential Tropical Realty