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

[Double-G]

Originally Posted by 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

1./ 60% of the final listed price (50% of the initial listed price).
2./ The interior cost 3x the structural work.

Get estimates for everything then add in huge contingency (I put in 50%) because you will find surprises along the way. People who let their homes get into that kind of state typically have done all kinds of DIY that is against code, dangerous, or both. For example - the furnace installation was illegal and dangerous, as was some of the wiring...

You won't truly know what you're looking at until you take possession and live in it for a while. For most people I would say walk away.

[ddavid1101]

Originally Posted by Double-G

1./ 60% of the final listed price (50% of the initial listed price).
2./ The interior cost 3x the structural work.

Get estimates for everything then add in huge contingency (I put in 50%) because you will find surprises along the way. People who let their homes get into that kind of state typically have done all kinds of DIY that is against code, dangerous, or both. For example - the furnace installation was illegal and dangerous, as was some of the wiring...

You won't truly know what you're looking at until you take possession and live in it for a while. For most people I would say walk away.

Thanks for the number. I read some of your previous posts. How you liking Dallas since moving from London? How's Plano so far?

My wife and I just moved down from NYC in Jan, I also worked in London for a year in 2010. Trying to get out of the rat race and slow down and settle down. Same reasons for us for picking Dallas/Plano/Allen: Schools, Cheap Houses and general cost/standard/quality of living.

One thing I find interesting and I think you would too, is the number of Pubs wannabe's in Dallas. They are everywhere but they are not really like the pubs in London. Just an observation.

[BigDGeek]

Originally Posted by ddavid1101

One thing I find interesting and I think you would too, is the number of Pubs wannabe's in Dallas. They are everywhere but they are not really like the pubs in London. Just an observation.

Kind of like Mexican restaurants in London or Paris (they do exist)...they're a laughable imitation of what you can get back home.

Just keep in mind this isn't London, don't expect it to be, most pubs here aren't even trying to be authentic, and most people here know better.

Oh, and walk away from that house.

[ddavid1101]

BigDGeek,

Thats too funny. I was in London only for a year. Didnt like it all that much. Hated the weather but loved the cheap flights to rest of europe.

I didnt see much mexican places there, only a couple of rib joints. Steaks were soso especially compared to NYC shops, but they had some really good Indian/South-East Asian food and of course fish and chips.

It was just interesting to see so many pubs here in Dallas which is fine.

The hardest thing to find here so far is good baguettes. Tried Central Market, Whole Foods, Empire Bakery. All were so so. Was spoiled in NYC with all the french bakeries.

Oh, and of course, I'm walking away from this place. I ran out the door!

[Falafelosophy]

All it takes is to get an experienced Inspector and a good Stuctural Engineer to do detailed investigation, an appraiser to appraise the house, two estimate for repairs from the foundation companies. I say total cost for the process would cost you around $1000 and that may get you a good property at an exceptionally awesome price or you may loose a thousand bucks but it's worth the trouble.

[pureguava76]

Tax assessment means pretty much nothing when trying to assess the value of your home. You need to get a comparative market analysis from your broker at a minimum.

The clay soil in the Dallas (and Plano) area is everywhere. It is something you will have to deal with in a lot of the homes you will look at. HOWEVER, the house you are looking at is 1995 home. This type of significant foundation work (and 30 piers is significant) this early in the homes life is a pretty bad sign.

[Bideshi]

Originally Posted by ChristieP

No no no! Those are very significant foundation problems, and once you fix them, there will likely be more. The pool is most likely affected, too. If you seriously want to buy this house, spend $500 and hire a structural engineer to do a complete evaluation before signing a contract.

Concur.

[Falafelosophy]

Clay soil is not exclusive to Dallas, Coppell or Plano. It is all over DFW.

[giles33]

Quick question: are you ever "out of the woods" with foundation issues?

Does it matter if the house is 10 - 15 years old, and everything appears fine, recently ok'd by S.E. etc? Or, is the soil here constantly shifting, leaving you open to problems at any time?

Thx in advance!

[EDS_]

Originally Posted by giles33

Quick question: are you ever "out of the woods" with foundation issues?

Does it matter if the house is 10 - 15 years old, and everything appears fine, recently ok'd by S.E. etc? Or, is the soil here constantly shifting, leaving you open to problems at any time?

Thx in advance!

It's always an issue around here excepting the few percent of homes that sit on bedrock. Some areas of the metro are horrible.

That said 90% of the time serious foundation issues are caused by homeowner ignorance or negligence.