Home Buying in 01760>Question Details

Chinta, Home Buyer in Boston, MA

Should I buy a home with chimney foundation failure? How much could I negotiate after the home inspection?

Asked by Chinta, Boston, MA Sun Mar 24, 2013

The inspector said that the chimney foundation has failed and the chimney is pulling away from the wall structure. There is a 5" gap between the gable wall and the chimney which has been filled with mortar. He recommended me to consult with specialist to further assess this condition and correct as needed.
(Repair loose and cracked chimney and chimney mortar cap).
My stepfather, he is a contractor, came to home inspection and gave me estimate of $75,000 to fix the whole house. He told me to make another offer but the home I am buying is already below market value. My agent said that if I ask the seller to drop the price down $50,000-75,000 from purchase price. The seller would not accept it and may put the house back on the market. I really love this house and see myself in there already.

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I can't see the issue or the house, but $75k sounds absolutely ridiculous. I would call in a real professional and one that does not have a horse in the race for a real idea.
1 vote Thank Flag Link Sun Mar 24, 2013
I would not buy a house with that kind of damage unless the seller will cut you a deal or get it fixed. That is a dangerous situation, and it's not something you want to deal with. Even if you do buy the house, you need to get this issue repaired right away. If the chimney comes apart the rest of the way, it will take the wall with it, as well as a chunk of the house. This is not a repair to put off.

0 votes Thank Flag Link Mon Mar 30, 2015
I think you need to talk to the seller. Tell them what you have found out and how much it will cost to fix it. Ask if you can get a deal to lower the price. Negotiate and see what you can work out. If you really want the house, then there's no point losing it without trying to keep it. After that decide if you can live with buying it for the price you can get the seller to agree to and fixing the house. You need to make the best decision for yourself. It's important to make sure that you are comfortable with what you are getting into.
0 votes Thank Flag Link Fri Nov 21, 2014
These days it has been all about finding a house you love and want to spend your time living in. Acquiring a property today is more than what it is worth to others. It's more about what it's worth to you. A chimney coming loose from a house can be serious or not. A certified professional ( maybe 2 or 3 ) should decide how bad the damage is and what it would cost to make repairs. If the foundation were somehow damaged I'd really be concerned. Making an offer would take into consideration many things that I don't know. Your agent can give you a good understanding of what comparables are selling for. If this is priced below market, they may have taken repairs into consideration. Doing your due diligence by getting proper estimates will help you to understand the situation and move forward accordingly.
0 votes Thank Flag Link Thu Jun 20, 2013
Your step dad has one opinion and has given you one estimate.
Many buyers get more than one estimate and compare references as well as prices.

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0 votes Thank Flag Link Wed Apr 3, 2013
Thank you for all answers. I would get an estimate from specialists before negotiate with the seller. My agent suggested us to make another offer to get some credit for the repair. She did not guarantee the seller will accept it or not since this home is owned by bank and it is foreclosure. She said if we really like the house and would love to do some works, just make sure that estimate of repairing won't go too high compare to the purchase price. Hopefully, the second offer will be accepted.
0 votes Thank Flag Link Sun Mar 24, 2013
Yikes! I wouldn't touch it but if you "really" want the house, either ask the seller to fix the problem with a licensed contractor and provide receipts of work done or ask for an adjustment in price due to findings of the home inspection. Make sure this is in your P&S if you get that far... Like I said, I would try to find another property but if you have to have this one, your buyer agent should be able to advise you.
0 votes Thank Flag Link Sun Mar 24, 2013
I suggest you get an estimate breakdown for each item you want to negotiate, especially a separate one for the chimney alone. Speak to your buyers agent, he/she will help you through the process and recommend specialists.
0 votes Thank Flag Link Sun Mar 24, 2013
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