Has anyone bought a house with crumbling foundation???

Question

Curious if there’s anyone out there that’s recently bought a home with a crumbling foundation. Specifically in CT it’s a hot topic so would love to hear anyone’s experience. Were you able to negotiate with the seller? Did you just walk away from the deal? Government reimbursement? Etc.

Thanks!!

Bruce Woodruff · Answer

@Bob Stevens is right again. RE is nothing but getting out a spreadsheet and putting in all of your costs and all of your income. If the last number in the column makes you smile then you do it.

This applies to foundations, total guts, interest rates....everything about RE. The numbers can always work.

But bear in mind that this works both ways! Even in a perfect market with low interest rates and high resale numbers, and the perfect Contractors and Property Managers..... You can have a horrible deal. Ask me how I know....

Just do the math. And then pray Mr. Murphy doesn't show up.

Bruce Woodruff · Answer

Bad foundations were my money-makers. They are rarely as big a deal as most people think.... Of course you should get a General Contractor (Note - not Foundation Contr) to give an opinion.....

But in reality, most fixes are not that bad. If the price is right, it is even  a deal to redo a complete raised foundation. Been there done that...

Kristine Ann · Answer

Personally no, but it's just something I don't like to deal with.  My family would literally use car jacks and hike the house up!  They mixed and poured the concrete themselves. Looking back, I can't believe they did those projects.

If you're able to get a good deal, some grant money, the numbers work and you know what contractors to call, it might be a thing you like to do.  It's a little too intense for me.  My preferred houses need paint and a new roof.

Patrice Hardy · Answer

I wouldn’t because I don’t like big projects. However, if I were to come across one with great potential and the numbers are what I’m looking for to make a good profit. I MIGHT! , but It really depends on the numbers.

Bob S. · Answer

AS I mentioned 100x RE is nothing but math. So negotiate a proper price,

Kristine Ann · Answer

My family used to buy crumbling foundations when I was kid.  All summer, they'd hike up the houses and repour the foundations.  It was a big headache, but there are companies that will do it.  Now I can always spot a bad foundation and I most definitely avoid them.

Has anyone bought a house with crumbling foundation???

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