If a problem is found with the building's foundation during inspection, should the home buyer just walk away?

Asked by Trulia Austin, Austin, TX Fri Dec 7, 2012

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Betina Forem…, Agent, Austin, TX
Thu Dec 20, 2012
Not always. It all depends on the severity of the problem. Can it be fixed easily and inexpensively? Then stic around. If the entire house is sliding off Cat Mountian the you might want to walk away. Call a foundation repair company to come check it out. Usually they will give you a bid to repair it for free. Just make sure you do it during your option period so you don't loose your ernest money.
I wish you luck!
Betina
0 votes
Don Groff, Agent, Austin, TX
Fri Dec 14, 2012
Too many unknowns. If you like the property still you should speak with the seller and get a foundation engineer involved to see what can be done. There are various areas in Austin where foundation issues are more common so it is not necessarily a deal breaker but only you can decide that.

Make sure you extend your option period if you would like to investigate your options further.

Good luck.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes
Eilleen Sabi…, Agent, Austin, TX
Sat Dec 8, 2012
I would not suggest that the buyer walk away at first glance, rather I would request a third party structural engineer report from the builder, depending on what that report reveals I would then have the builder fix the problem prior to closing or walk away.

I worked for a builder for 5 years so I have come across this issue a few times, in some parts of Austin this is fairly common.

Eilleen Sabillon
Zip Realty
http://www.savihomes.com
0 votes
Kevin Cottre…, Agent, Saint Louis, MO
Sat Dec 8, 2012
Options as Perry noted are that you can get the seller to fix and/or increase the price to include a repair escrow/hold back to cover the work. Make sure you hire a reputable foundation repair company that will offer a warranty that covers a lengthy period of time and can provide several references for their work.

Call me at 512-522-8470 if you're in this situation and I can provide refers to a couple of great companies in the Austin area.
0 votes
Perry Hender…, Agent, Austin, TX
Fri Dec 7, 2012
Try to get the seller to fix it. Sometimes my previous customers have even increased the price to cover the cost of the repair.
0 votes
Jon Kasner, Agent, Austin, TX
Fri Dec 7, 2012
I have had very good experience with issac a t Centex over the years. You will not be disappointed.

Centex Foundation Repair in Austin | Centex Foundation Repair …

local.yahoo.com/info-19392629-centex-foundation-repair-austin
·
1120 E 52nd St, Austin, TX

(512) 444-5438 · Hours: Monday 07:00 AM - 4:00 PM, Tuesday 07:00 AM - 4:00 PM, Wednesday 07:00 AM - 4:00 PM,

They will not charge to evaluate your condition.
0 votes
, ,
Fri Dec 7, 2012
Ask the seller to provide an engineer's report.

We have a saying in Texas.... It isn't WHETHER you will have foundation problems, it is WHEN you will have foundation problems.

Don't walk. Look into it.... And do NOT deal with the seller agent. Have your own representation who will be looking out for you(if they are professional and not in this for the quick deal).
Basically, if your realtor does less than a dozen transactions per year...... they suck at real estate.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes
Ronald Culli…, Agent, Austin, TX
Fri Dec 7, 2012
Not necessarily. It would depend entirely on the severity of the foundation problem.

If it is severe, a Professional Engineer should be hired to assess the situation and recommend a proper course of treatment. If it is like most typical foundation problems around here, one only need to hire a reputable foundation repair company to assess it and a course of action to remediate the problem.
Then, armed with cost estimates, the buyer is in a position to ask for price concessions or even having it repaired prior to closing.
The advantage of having a foundation repaired, is that most companies give a gaurantee against future problems and it is usually transferrable when the party sells the house, which is a strong selling feature

.Ron Cullinan
Avalar Austin
GRI, CRS, ABR, CLHMS, e-Pro
512-799-3239
austin_realtor@earthlink.net
http://www.austinonlinehomes.com
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