Buy a house at 65-75% of Tax Assessment but might Require 34 Piers (around the whole house)??? Thoughts??? (Dallas: broker, cheap house)

[ddavid1101]

So, took a look at the place.
Hairline crack all over the inside of the home. ALL OVER.
about 3-5 major exterior vertical cracks to the brick. Some as wide as a CM and about 1-2 meter long. no cracking in the floors but hard to see as it's hand scraped.

I the walls in every single room had long(1-2meter) hairline cracks. Some are are 90 degree cracks and quite wide. Some exterior ones were along windows. Even window above the main door cracked(the glass). The foundation looks to be in real bad shape.

If the foundation can indeed be fixed for 15K, I assume the work in and around the house can hit at least double that. There are probably issues I cant even see. I sure there are.

I'll be walking away from this one.

IF you guys want to see which house I'm referring to, search up Moderator cut: no listings permitted here - request/send by DM only. Let me know what you guys think.

I really appreciate all your comments and support.

[escanlan]

Originally Posted by ddavid1101

So, took a look at the place.
Hairline crack all over the inside of the home. ALL OVER.
about 3-5 major exterior vertical cracks to the brick. Some as wide as a CM and about 1-2 meter long. no cracking in the floors but hard to see as it's hand scraped.

The easier place to check floors are tiled areas. Look not only for cracked tiles but cracks in the grout between the tiles. What might help when you are looking is to carry with you a solid plastic coated item like a screwdriver with a plastic handle. When you see the cracks in tile or grout gently tap around them and a couple tiles away from them. Follow the direction of the cracking when you do this. If the tile was properly laid to begin with then at and around the crack it many times will ring hollow where away from the crack it will sound more solid. I've been able to follow slab cracks across a floor using this method even when the visual tile or grout crack ends.

For wood floors look for buckling, heaving, uneven joints, etc. Also look around the baseboards for separation at joints. Look at any crown molding for the same.

I the walls in every single room had long(1-2meter) hairline cracks. Some are are 90 degree cracks and quite wide. Some exterior ones were along windows. Even window above the main door cracked(the glass). The foundation looks to be in real bad shape.

Foundation movement typically shows first around large wall openings such as windows, doors, arches, etc., as well as joints between walls and walls to ceilings. When you start seeing cracked glass it has been very significant enough to torque window frames.

If the foundation can indeed be fixed for 15K, I assume the work in and around the house can hit at least double that. There are probably issues I cant seven see. I sure there are.

Most likely there are and even if not now it is possible with movement of this amount that various components have stressed and could fail later even after the foundation repairs had already been performed.

I'll be walking away from this one.

This type of home is more for a person with absolutely no fear, potentially a large pocketbook/wallet, and more experience with our foundation issues here.

IF you guys want to see which house I'm referring to, search up Moderator cut: no listings permitted here - request/send by DM only. Let me know what you guys think.

I really appreciate all your comments and support.

Some comments above in blue.

I checked the MLS photos and it is interesting that many are dated back in January and some with no dates. I would expect the house has a sprinkler system? If so it is obvious they have not been running it and might well be the cause of all the movement.

Just as an FYI for you if you are looking at these type homes with swimming pools. If you look at the pool picture it is obvious it is not being maintained. Even if you bring out a pool company to perform an inspection they won't be able to tell you a lot as a result of its condition. You'll wind up running blind and you better have a lot of faith that nothing is wrong with a pool like that other than needing attention to the water! By the way, look at the pool picture, the backside, on that section extending back into the pool. Is that something hanging over the edge or a crack?

Looks real nice in the old MLS photos though doesn't it? I can see other potential problems just from the photos.

[ChristieP]

Sounds like the owners realized they were stuck with a Money Pit and just let it go into foreclosure when they couldn't afford to fix all of the problems. Those issues weren't caused by just not running the sprinklers...

[Philip T]

I think you all missed Plumbing Problems? -- Leaks / cracked pipes -- most often underground or under the slab -- which can come about from this, and sometimes also help cause the foundation problems.

Budget in Some $5K + for that, and get them fixed before you do any of the interior repairs.

But it looks like the OP dodged this whole bullet?

[ddavid1101]

Dodging it big time.
Just too many potential issues both in your face and hidden. This can turn out to be a major money pit. Probably a major reason why it's been listed for over 150 days. I'm assuming even during inspection, it's hard to determine the extent of the damage, especially in places you cant see.

One thing for sure, I'm much more aware of foundation issues now. Going to be looking for those signs every house I look at going forward!

Thanks everyone for their input and support! You guys have been great!

[TheOverdog]

There's a reason most if not all areas require a plumbing test after a foundation repair. And the cost of the foundation repair doesn't count towards any plumbing repairs. Insurance almost certainly won't cover it either

Actually insurance did cover the plumbing leaks most likely caused by foundation repairs for my neighbors. 3 holes in their floors to fix leaks, and replaced the hardwood floors. According to them, the insurance company said they would do it - once. Their house was really bad though, not 1cm cracks but exterior ones you could stick your hand in. In my opinion, someone should have knocked that place down, but some flippers 'fixed' it and flipped it and they were the suckers who bought it.

[ddavid1101]

Ha! I dont want to be that sucker who buys this one nor pretend to be a flipper.

It was just on a great location with a good sized and spaced out lot. If it only had substantially less damage. It was pretty bad. but such a nice house and area. What a waste.

[EDS_]

Originally Posted by TheOverdog

Actually insurance did cover the plumbing leaks most likely caused by foundation repairs for my neighbors. 3 holes in their floors to fix leaks, and replaced the hardwood floors. According to them, the insurance company said they would do it - once. Their house was really bad though, not 1cm cracks but exterior ones you could stick your hand in. In my opinion, someone should have knocked that place down, but some flippers 'fixed' it and flipped it and they were the suckers who bought it.

I think that's called a "G" or an "H" endorsement. Only the better home insures offer that coverage and it costs more. Surprisingly not that much more.

[Double-G]

I actually bought a house like this. Had a full engineering survey done by a globally recognized firm (amongst other things they have worked on national monuments). Their impact assessment was correspondingly on the very high end of the price range

I took that to the vendor and said I love the house but as you can see it needs huge and expensive work, so let's talk price.

Saved a few bucks. It was still an enormous PITA to put the house right. Foundations, plumbing, re-decoration.

On the upside I did keep in budget.

[ddavid1101]

Double-G,

Couple of questions:

1) what was your purchase price(%/$) vs listing and vs value(if there was not repairs needed, think tax assessment)
2) what was the ratio between interior and exterior fix cost vs foundation cost(better yet, if you can ball park some $ numbers)? for this place, foundation at 15K and I would assume another 30-40K is needed for interior and exterior and plumbing etc