Investor · Phoenixville, PA · Member since 2008 · 257 posts · 18 votes
I just looked at a Fannie Mae foreclosure and one of the first things I noticed was the caution tape all over the back concrete patio. The entire 10'x10' patio was upended and sloping towards the foundation. It's a split-level condo and the bottom-most level (basement crawlspace) floor was destroyed -- as in CAVING IN! It looked like an IED crater.
Needless to say, this scared me off and I went on my merry way, but now I'm curious. What remedy is there for a condo unit built directly on top of a sinkhole? Is the HOA, insurance company, homeowner, etc. responsible for any repair?
This was a middle unit, with a few units on either side all with shared walls. The other units are, astoundingly, occupied (maybe they don't know?).
Is there any money to be made on something like this?
Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
12y
One thing about condos , row homes any close quarter homes , the neighbors know everything . There is money to be made on almost any property if bought right . Does this sound like a money maker ? On the face .....no but with some research you may find that the assoc is responsible for repairs which could make it a deal for the right price.
Investor · Phoenixville, PA · Member since 2008 · 257 posts · 18 votes
12y
Thanks, Matthew. I figured there may be some responsibility on the HOA's end. I just contacted them and am waiting for a call or email back. I'll update this thread as I gather info, for anyone that's interested.
Virtual Assistant · Orlando, FL · Member since 2011 · 10 posts · 1 vote
9y
I would be interested in updates to this post. I just looked at a lovely property in Hernando County FL, The Real Estate Agent disclosed that it has an unrepaired sinkhole.