Please feel free to give me call if there is anything I can do to help!
Dwell Denver Real Estate
As others have mentioned, well-done structural repairs generally satisfy buyers. But, if this is an issue with a home you want to buy, I would suggest that you simply take care to make certain all repairs were handled properly and that all necessary repairs were made. You will want to make sure you have a copy of the guarantee from the company that did the repairs and have a structural engineer sign of on the work. You might even ask the current owner to pay for this special inspection.
Home sellers who have repaired structural problems should be proactive in selling the quality of the repairs. Colorado regulations make it extremely dangerous to avoid disclosure in a case like this, even if that were physically possible. So answer all possible buyer questions upfront. The guarantee should be uploaded to the MLS along with the seller's property disclosure. It probably should be available at the house also. If the company that handled the repairs has written recommendations from happy previous customers, these should also be easily available to buyers. And the sellers should offer to have an engineer's structural inspection. Make it clear that the work was done well, that the company will stand behind it and that you are happy with the result.
Prudential Real Estate of the Rockies
In my experience, strutural issues don't necessarily impact the property negatively when repairs are done correctly. The proper structural engineers report and documented repairs can in some instances positively impact the resale value. This is especially true for turn of the century homes and other older homes. The question is always asked about current, previous, or possible future structural damage. Once it is understood that the structural issues and fears are taken care of by a reputable company with warranties, it can be a real plus.
Good success with your purchase.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246
I have sold a couple of homes like this. Even with a reputable structural engineer setting the scope of work and/or working through the repairs and providing a 30 year warranty, which is the typical warranty for this type of repair; it still depends on the nature and extent of the problem as well as what was done to correct it. Extensive foundation issues that require a lot of repair work may still have an impact on the house. If you are just utilizing piers that is not as apt to frighten future buyers as wall anchors will, warranty or no. And of course wall anchors are typically used when the problem is due to expansive soils so there is no guarantee that the problem won't crop up in another place on the foundation.
This question can be really well addressed by Peak Basement Systems out of Colorado Springs. (copy & paste following address into your browser: http://www.structuralrepaircolorado.com )
They will come out and conduct a thorough inspection of the property and provide an estimate free of charge- even if the repairs have already been effected they will inspect them. They have been in business a long time and can probably give you some ideas of value impact just based on experience. If for some reason they are not able to answer your questions to your satisfaction I would recommend calling a licensed appraiser- I use Mike Carney @ Metropolitan Appraisers (303) 761-5113 and ask him.
Good Luck out there!
Carole & Greg
Like any repair or damage to a house, if the job is done correctly you should have no worries. Foundation repair does not automatically mean that the structure has been compromised in any way. If you are concerned about the structural integrity of the property I would consult a structural engineer. Most realtors should know a reputable one.
Almost every house has had repairs done to them, if it has been done correctly you should not be able to notice the repair and hence it should not affect your resale value. If the repairs are structural then it may have an effect on the value of the property, depending upon the severity of the issue.
You have lots of good answers here.
In my experience, if the repairs were done properly, and you have supporting paperwork, then it might make the home even more marketable, as any fears of foundation issues have been addressed and repaired. If there isn't a structural engineer's report, one should be obtained.
Best of luck
Your Castle Real Estate
In the Seller's property Disclosure you must say it had structural problems and repairs. You may want to include details in the Property Disclosure
I would venture that it would increase in value:
All homes settle some; those in an earthquake zone will have a lot of cracks.
Wherever you are, when a major repair like that has happened, it means less for the new owner to worry about.
Good luck and may God bless
Assuming you market it you would need to disclose what the former foundation condition was and what repairs were done.
That really depends on the details - what kind of repair was completed, extent of damage, possibility of further damage, etc. I would be happy to complete a free CMA for you if you are wondering what your home is worth. Please feel free to contact me anytime.
We had engineer 1 come out 8 years ago to inspect the basement before we bought our home. There were vertical cracks by the basement windows and the main level floor sloped. We did what he recommended. 8 years later, we want to sell our home. Under contract with new buyers found a additional horizontal crack and wanted the prior basement work assessed. They called engineer 1 (our engineer) to come out and do the assessment. The contract fell through with the buyers because the engineers assessment scared them -- basically, the work of 8 years ago was not done to his specifications.
We decided to follow engineer 1's recommendations and made all the fixes he recommended in addition to re-doing those of 8 years ago to comply with his original report. He came out after work was done, agreed they were done to his specifications but referenced his prior 2 reports and put language in the FU report that would scare any buyer away - we did what was cost effective -- eluding to additional issues.
We called in engineer 2 for a 2nd opinion. Engineer 2 told us 1) engineer 1 was not allowed to assess for the buyers without asking for our permission first. He did not. 2) engineer 1 did not take measurements and that his statements in his report were not correct (ie. wall bowing in vs. bowing out). 3) ALL the beams that engineer 1 recommended were not necessary and that all we needed to do to address cracks was to epoxy them.
Now, we are thoroughly confused! Do we believe engineer 1 or 2. When we disclose all reports, engineer 2 will say that all the beams that were placed in the basement to address the cracks were unnecessary. He will reference engineer 1. Buyers will be thoroughly confused and we are afraid they will walk away. We probably would.
Thank you for submitting your question. The best way to answer your question is to advise both buyer and seller to have full disclosure of all known issues; disclose, disclose, disclose. Most inspection issues are easily manageable when properly disclosed. I have listed and sold homes with structural issues that were uncomplicated because my seller performed proper repairs with licensed contractors and engineers. As long as adequate documentation is provided to any prospective buyers, the transaction should move forward and you should be fine. Many sellers and some brokers are not aware that executed Inspection Notices are a component of the purchase contract and as such any Inspection Notice that is executed by both parties should be available to the lender. Having everything disclosed up-front will help you simplify the purchase process.
If you have any additional questions feel free to give me a call. 303-638-7021