Crawl Space Water Issues....What to do??? (inspector, cost)

[VickiR]

Even if the bank is selling the property "as is", you get a Home Inspection. Even if the bank says they won't fix anything...they will fix water issues and mold and termites and radon because they can't sell it after they find these issues without disclosing it.

Please know what you are buying before you go ahead with the purchase.

If you find things in the Home Inspection report that the bank refuses to fix, most banks' addendum says you can get your earnest money back and walk away.

Vicki

[CarolinaCowboy]

Originally Posted by VickiR

Even if the bank is selling the property "as is", you get a Home Inspection. Even if the bank says they won't fix anything...they will fix water issues and mold and termites and radon because they can't sell it after they find these issues without disclosing it.

Please know what you are buying before you go ahead with the purchase.

If you find things in the Home Inspection report that the bank refuses to fix, most banks' addendum says you can get your earnest money back and walk away.

Vicki

Usually a set dollar amount is agreed upon in the earnest money agreement. If the repairs exceed the agreed amount, then the buyer gets their money back, or gets to renegotiate. I would advise buyers to set theirs according to the overall value of the home. $2000 is a good rule of thumb. Set it too high and you might be stuck proceeding on a home with numerous issues.

[J. Trent Hicks]

If you proceed with this transaction, please go into it knowing that you will be spending money both outside and inside this crawlspace and that the amount you spend could easily exceed $10K. More than likely you'll be advised to intercept all sources of water outside the crawlspace, seal the exterior walls, re-direct surface run-off, collect ground water in a French drain, install interior foundation drains with a collection well and sump, treat for potential mold/mildew, install a plastic vapor barrier or create a "closed" crawlspace, and possibly replace all the ductwork/HVAC equipment, water heater, etc. etc.
All that said, if concessions are made and knowledgeable professionals are engaged you can systematically solve all of these issues. Find out in advance EXACTLY what is defective/deficient and get firm quotes on correcting them up front. Then and only then should you invest in any questionable property.

[MikeJaquish]

I wish I could see the photos.

Sounds fascinating to me, how a wet hole can be such a huge deal.

And remember:

There is no such thing as "As Is."

[VickiR]

Originally Posted by CarolinaCowboy

Usually a set dollar amount is agreed upon in the earnest money agreement. If the repairs exceed the agreed amount, then the buyer gets their money back, or gets to renegotiate. I would advise buyers to set theirs according to the overall value of the home. $2000 is a good rule of thumb. Set it too high and you might be stuck proceeding on a home with numerous issues.

You are speaking about the NC Offer to purchase. That is correct. However, anytime you are buying a foreclosure or a bank owned property, there are ADDENDUMS that you sign. Most of the bank addendums say that you are buying the house "as is" but you can get them inspected and ask for repairs. If the bank choses not to do the repairs, you can get your earnest money back and walk away.

Vicki

[PaulieM]

Originally Posted by J. Trent Hicks

If you proceed with this transaction, please go into it knowing that you will be spending money both outside and inside this crawlspace and that the amount you spend could easily exceed $10K. More than likely you'll be advised to intercept all sources of water outside the crawlspace, seal the exterior walls, re-direct surface run-off, collect ground water in a French drain, install interior foundation drains with a collection well and sump, treat for potential mold/mildew, install a plastic vapor barrier or create a "closed" crawlspace, and possibly replace all the ductwork/HVAC equipment, water heater, etc. etc.
All that said, if concessions are made and knowledgeable professionals are engaged you can systematically solve all of these issues. Find out in advance EXACTLY what is defective/deficient and get firm quotes on correcting them up front. Then and only then should you invest in any questionable property.

JT Hicks wrapped it up nicely.

[sunny&cloey]

Thanks for all your replies. Would it be better to get an estimate from a foundation specialist (or someone who deals with this sort of thing) before we would go ahead with the inspection? Can we even do that sort of thing?

[VickiR]

Originally Posted by sunny&cloey

Thanks for all your replies. Would it be better to get an estimate from a foundation specialist (or someone who deals with this sort of thing) before we would go ahead with the inspection? Can we even do that sort of thing?

Have your Agent show you the NC Offer to Purchase and look at pages 4 and 5. There are two options for getting inspections done. You may want to consider option 2.

Vicki

[cfarris]

It is well worth the money to get a inspector. I was going to buy this one house a few years back and did not want to pay for a home inspector myself but my husband held his ground and we did.I am so glad we did! No he will not tell you for sure what is wrong but if he is a good one he will take pictures of the areas that are of concern and a picture is worth a thousand words.In my case could have been thousands of dollars. good luck

[sunny&cloey]

Originally Posted by J. Trent Hicks

If you proceed with this transaction, please go into it knowing that you will be spending money both outside and inside this crawlspace and that the amount you spend could easily exceed $10K. More than likely you'll be advised to intercept all sources of water outside the crawlspace, seal the exterior walls, re-direct surface run-off, collect ground water in a French drain, install interior foundation drains with a collection well and sump, treat for potential mold/mildew, install a plastic vapor barrier or create a "closed" crawlspace, and possibly replace all the ductwork/HVAC equipment, water heater, etc. etc.
All that said, if concessions are made and knowledgeable professionals are engaged you can systematically solve all of these issues. Find out in advance EXACTLY what is defective/deficient and get firm quotes on correcting them up front. Then and only then should you invest in any questionable property.

Can you recommend any good professionals that do this work?