My home has structural damage. I do not have the money to fix it, around $25,000. When the house was bought,?

Asked by Wendy L, Cross Lanes, WV Mon May 18, 2009

I only paid $53,000. It appraised for $60,000. So I know I dont have the equity to even get the work done. I dont know if I should just walk away or try a quick sell. I am afraid the house is dangerous to live in. It is on a hill and it is slipping slowly. Please help me

Help the community by answering this question:

+ web reference
Web reference:


Karen Barrett, Agent, Angola, IN
Mon May 18, 2009
Contact your lender and tell them what is happening. You may find that your lender might be willing to do something here, remember they have a vested interest here too. Did the appraiser say what the home would be worth if the home were corrected? Did you buy the home as a foreclosure or did you deal with a homeowner? Were Realtors involved in the sale? Talk to your neighbors and find out if the previous owner or listing realtor or even your realtor knew about the defect? Realtors and owners are to disclose ALL known defects. How long after the sale has it been since you discovered the defect? You'll have to do some investigation work here. By the way, Did you waive inspections? If you had an inspection, was there any note about this on the inspectors report? You have some work to do here, but if you feel unsafe in the home, go with your gut feeling, start calling people NOW.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more