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Updated almost 6 years ago on . Most recent reply

User Stats

22
Posts
7
Votes
Joe Gracyalny
  • Rental Property Investor
  • Green Bay, WI
7
Votes |
22
Posts

Advice Needed : Water in Crawl Space - Buyer Backed Out

Joe Gracyalny
  • Rental Property Investor
  • Green Bay, WI
Posted

BP Community,

My brother and I need your advice.

We bought a house to flip a few months ago.  We completed it and put it on the market and had an accepted buyer on the property.  We had purchased the property with a raze order on a crawl space that had some flooding under the home.  We were able to fix this earlier and satisfied the raze order, however after the offer was accepted the water returned with all the rain the past 2 weeks the buyer got cold feet and has backed out.  We are able to keep the $500 in Earnest Money, but holding costs are more than that for a $140k property, in addition we now have this issue to pay for again.  The flooding before was sitting water and not leaking (probably due to the winter months).  Our GC is having a difficult time finding the source of the leaking and it's probably multiple cracks/spots in the foundation.

We have plumbers coming in to check out the crawl space and bid options over the next few days.  I don't want to just install a sump pump because it would be running out of the dining room and would deter any buyers at anywhere near a $140k price.  No one wants a hose through the middle of the dining room.  (bad place for a crawl space obviously, but it is covered nicely with a trap door that we refinished)

Is there anyone with experience in a situation like this that has a solution that could put both us and the buyers at ease?  I would think there is some sealing that would work on foundation walls, but my research isn't bringing up a for sure answer.  If I need to add any further clarifications let me know.

Thanks in advance,

Joe

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