if there is a slab leak, is that a lender required repair prior to closing?

Asked by Jj, 75252 Thu Jun 2, 2011

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12
Mattthomas, Agent, New York, NY
Wed Oct 19, 2016
Slab leaks are really troublesome! slab leaks insurance is covered mostly by owners only. There is need of leak detecting in every commercial & residential areas because by applying leak detection process it helps you to locate & identify leaks in places where you don’t even know they exist. http://www.slableakcharleston.com/
0 votes
Myersjulie31, Home Buyer, Blakeslee, PA
Wed Nov 19, 2014
I think that it will mostly depend on your lender, but it would probably be a good idea to get it repaired. It's never good to have a slab leak, so if you want your home to be in good shape before closing, it would be a good idea. My neighbor had this problem with her home, and it became a big problem quickly. Just to make sure that you don't run into more problems with it later, I would see what you can do to get it repaired! http://precisionplumbingoc.com/expert-slab-leak-repair-in-or…
0 votes
Carolyn Thom…, Agent, Rockville, MD
Sun Jun 26, 2011
It depends on the lender.
0 votes
Anne Bokalo, Agent, CANTON, TX
Fri Jun 3, 2011
Sometimes the prior foundation repair co will do it for free. You need to indicate this problem in the contarct to repair it. A lot of lenders wont give you a loan unless this is done. Also don't you want this done? Make sure you ask for the repair, if it was previously fixed, and the contract.. I've personally had those problems one was before the sale and the second one was prior to and the seller was agreable to repair it. I had a leak repair co to put a camera down the sewer to see what was going on and there were tree roots that took over everything,
A slab leak is very serious and needs to be looked into and repaired otherwise you will continue to have problems with the foundation moving and leaving cracks etc.
0 votes
Melissa Hail…, Agent, Plano, TX
Thu Jun 2, 2011
Jj,
Definitely rely on your Realtor (the buyer's agent that you hired to represent you and help you through these types of issues). You will not only want to know if it's a lender required repair, you will also want to know how much the repair costs. If you can't come to an agreement with the home's seller you will also want to know if you will get your Earnest Money back. Definitely talk to your agent and find out the details so that you can make an informed decision.

Good luck!
Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com
0 votes
Faizur Rahman…, , Plano, TX
Thu Jun 2, 2011
It needs to be in the contract to avoid future confusion, also, depends on the lender and how the appraiser notates it in the report, there are some foundation repair company that gives the free estimate, your agent can help on that, consider your options and factor in the expenses.

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Patrick Jack…, Agent, McKinney, TX
Thu Jun 2, 2011
Only your lender can tell you if it is a lender required repair. Should it be? Yes because it will affect the foundation if it has not already. If there has been foundation work done, it can also void the warranty on the foundation repair.

Repairs to leaks in or under a slab can be expensive to repair. Know what you are getting into before you agree to pay for part or all of a repair. Metroplex Leak & Line Locators can find the leaks and make repairs.
http://www.metroplexleaklocate.com/

Patrick Jackson
REALTOR, ABR, E-Pro, GRI
0 votes
Bruce Lynn, Agent, Coppell, TX
Thu Jun 2, 2011
If you tell your lender they'll probably require it.
Put it on an amendment if you dare or make it part of the contract.

If it is not on the appraisal though, they might not ever know and therefore might not require it, if they don't know about it.

Hope that makes sense.

Bruce Lynn
Keller Williams Realty
0 votes
AV, , Dallas, TX
Thu Jun 2, 2011
The lender should only require it if it is noted in the appraisal. We don't require inspections so we wouldn't see that. If the appraiser notates it and there is a cost to cure listed or the appraisal is done 'as is', then you will need to repair it. Other than that you should be good to go. Email me if you have any questions. av.vaghela@supremelending.com
0 votes
Jj, Both Buyer And Seller, 75252
Thu Jun 2, 2011
a plumber did a water test and has suggested that there is a leak under the slab. I dont know if its in the water line or sewer. The option period is over, but I think the seller would split the cost of the repair. I need to know if the lender , on a 30 year fixed conventional loan, will require the repair prior to funding. The seller is willing to give a credit but doesnt want to have the work done before they move out.
0 votes
Don Groff, Agent, Austin, TX
Thu Jun 2, 2011
You definitely need to talk with your buyer's agent to know what the steps are. It all depends on your contract and how it was set up.
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Jun 2, 2011
Your buyers agent needs to address these concerns to many unknowns require answers . Much also depends on who owns the property IS home SOLD AS IS .. and plus additional questions

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
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