Tricia, Home Owner in Denver, CO

i purchased fha home 2 years ago-now found out foundation is damaged walls are cracking i am attached to a bank owned property

Asked by Tricia, Denver, CO Thu Aug 9, 2012

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14
JOHN A ZAMBR…, Agent, Arvada, CO
Wed Jan 23, 2013
Sorry Thats a tough situation to be in . Your options are very limited , if you choose to repair the foundation you may have some recourse in way of a mechanics lean on the adjoining property I would definitely contact an attorney that specializes in mechanic leans to explore that option. In addition a structural engineer may be able to determine what caused the foundation to fail. Best of luck to you
1 vote
Bob Costello, Agent, Highlands Ranch, CO
Fri Aug 31, 2012
Another reason to be extra careful when buying a foreclosed property. Always ask the question; Why couldn't they sell it??
The banks sell as-is...you had an inspection.....probably got a good deal....
A total bummer, but probably no recourse.
0 votes
Tricia, Home Owner, Denver, CO
Tue Aug 14, 2012
i had an inspection, the homw was not a forclosure. the person moved out when i purchased home from her. i even had the waterline viewed by camera.
0 votes
I just found out that the man called a home inspector was an appraisor-i didnt know the diffrence. this man was checking out my home for 2 hours. and i recieved a report on the foundation that is was good or average. along with a list of almost everything about the house. the realitor wont return emails or phone calls. but she is the one that suggested the camera down the sewer. this is my first home purchase.
Flag Mon Sep 3, 2012
Tricia, Home Owner, Denver, CO
Tue Aug 14, 2012
i did have a home inspection.
0 votes
Ron Rovtar, Agent, Boulder, CO
Mon Aug 13, 2012
Hi Tricia:

As mentioned below, you should talk to an attorney. But, if that is not an option due to expense or other factors, you should at least contact a HUD Approved Housing Counseling Agency in your area. These folks provide free information and, at the least, should be able to tell you if you have any options worth pursuing. See the link below.

Good luck!
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Aug 10, 2012
Sorry about that:
But you failed to mention that you had a Home Inspection when you bought the house.

I would not assume that FHA is Liable, in any way.
I would assume that the Bank is free-and-clear on this.
I would assume that the Realtors are not at fault; your Realtor probably talked to you about an Inspection.

I would assume that you now own a house with a damaged foundation. period.
Please do not shoot the messenger.

Good luck and may God bless
0 votes
Bob Gordon, Agent, Boulder, CO
Fri Aug 10, 2012
Stay calm. A structural engineer can be a great starting point. Also, look to see if water is near the house - for instance, are there plants right near the property? Moving water away from your home is always a good investment in protecting your foundation.
0 votes
Kevin (720)…, , Denver County, CO
Fri Aug 10, 2012
A lawyer can help with your legal options at this point. Structural problems are not as scarey as they sound. A good structural engineer will help
Good luck
0 votes
Suz A, Agent, Longmont, CO
Fri Aug 10, 2012
Consider hiring a structural engineer to inspect. If there are foundation issues, you need to know how severe. There may be things you can do to remediate.

For anyone who wants to know more on structural issues, here is an article link:
http://www.ehow.com/info_12126015_people-problems-foundations.html
0 votes
Ed Quinn, , Los Angeles, CA
Fri Aug 10, 2012
Consult with an attorney to learn what rights you have and how to proceed.
0 votes
Terry Farnsw…, Agent, Lisle, IL
Fri Aug 10, 2012
Tricia,

If you bought a foreclosure - you most likely agreed to purchase it "As-is". You also most likely signed an addendum to your contract that released the bank for all claims, and that stated they make no representations about the condition, or issues with the property. Additionally, I doubt there were any disclosures made by the bank that you could use to prove they were aware of any defects. Any action against the bank you purchased it from is probably futile at this point, and would be very hard to prove on your part.

FHA should have done their own inspection prior to approving your loan - did they find anything that was of concern then? Although unfortunate, this issue may have arose just within the last two years. I would suggest contracting a contractor/structrual engineer to take a look and offer suggestions for remedy.
0 votes
Sean Dougher…, Agent, Fort Collins, CO
Fri Aug 10, 2012
This would be one reason why you would hvae wanted to have a full inspection before you purchased the home. If it's something that the bank could have reasonably known about before you purchased this home, you may have a claim, but since it's been 2 years, I think that you have a very tough battle to prove that the bank knew about the problems.

I would consult a Real Estate Attorney for further advice. Best of luck!
0 votes
Roland Vinya…, Agent, Sprakers, NY
Fri Aug 10, 2012
One reason sellers agree to an inspection is that it offers them a measure of protection should something like this go wrong in the future - they can prove it was "fine" when you bought the place. After two years, courts will probably assume that whatever happened occurred on your watch and there is no one to blame but yourself or Nature. If you feel there are extenuating circumstances or the wool was pulled over both your and the inspector's eyes, then you have an uphill battle to prove this. An attorney can advise just how hard it will be to prove.

Not good tidings, but I call them as I see them.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Fri Aug 10, 2012
Pursuing this may be futile; but to be sure you should consult an attorney.
0 votes
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