is structural damage(foundation crack) a deal breaker in buying a home? Wont it also severely effect resale value?

Asked by Pwey, New Jersey Thu Apr 21, 2011

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Keith Radhuber’s answer
Keith Radhub…, Agent, Holmdel, NJ
Thu Apr 21, 2011
The damage is disclosed, so it is not necessarily a deal breaker if a price adjustment is made and a buyer accepts this condition assuming he or she has consulted with an engineer and the damage is repairable. Remember, the town will weigh in when it comes time to grant a CO or not. As the gentleman stated below, FHA and VA financing would probably be disallowed in its unrepaired condition.
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Matt Costine, Agent, Clinton, NJ
Tue Jan 14, 2014
I would say Yes. Most people don't want to deal with issues like this, but it depends on the size and scope of the problem and if there is a reasonable fix for a fair cost. If you have any other questions please don't hesitate to call 908 930 8573 Matt Costine Realtor Better Homes Realty
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Suzanne MacD…, Agent, Morristown, NJ
Thu Apr 21, 2011
I would have the crack evaluated by a structural expert to find out first what exactly you are dealing with. Some cracks are just, well, cracks. They are caused by natural settling. Some are more serious and require mediation. A structural person can tell you the nature and extent of the problem and advise on whether the problem can be fixed, what needs to be done, and a general idea of the cost and long term effects of the damage. I can help you find someone if you'd like, just email me at suzanne@exitrealtygold.com.
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Phil Rotondo, Agent, Melbourne, FL
Thu Apr 21, 2011
If you are still in the inspection period under the contract, it's a deal breaker if you say it is. If you are financing the property with FHA or VA financing it probably is a deal breaker.
Web Reference:  http://www.321property.com
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Francesca Pa…, Agent, Manasquan, NJ
Thu Apr 21, 2011
Pwey,

It really depends on the extent of the damage and whether it can be repaired with long term sustainability. It sounds like you have had a home inspection and this is where you received this information. I would call the inspector for a consultation as he/she would have the most knowledge on this subject.

If you have gleaned this information from the agent or seller, then I would contact a structural engineer for advise.

One of the home inspectors I use has a structural engineering background. Call Rob Hahn @ 732.672.9859. However, if you have had a home inspection it is best to consult that person as he/she has observed the damage and would be better able to advise.

Good Luck!

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
Gloria Nilson REALTORS, Real Living
732.606.2931 (24/7)
Francesca@PatrizioRE.com
Web Reference:  http://www.PatrizioRE.com
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