There is no denying the home buying process can be stressful. That is among the reasons it is so deflating to think you have found the right house only to have foundation problems pop up in the inspection.
Some people would simply walk away. Foundation problems don’t have to be a dealbreaker, however. They also can’t be taken lightly. There are definite steps that you should follow to ensure you enter the sale with your eyes wide open and a good idea about how much the foundation problems and other related issues will cost to fix.
Steps to Take Once the Foundation Problems are Discovered
1. Hire a Structural Engineer
While a general home inspection can spot foundation problems, a more in depth report from a specialist can give you a better idea of the extent of the damage as well as any ancillary problems that the foundation issues have caused.
Buying a home is a very important decision, and you want to get all the information ahead of time. It could be good news with the issues only requiring a minor fix. It could be bad news and you need extensive repairs in addition to foundation stabilization. Regardless, you need that information to make an informed decision.
They can also point you in the direction of a cause, which might need to be fixed as well.
2. Understand What it Will Cost to Repair
Get an estimate from a foundation repair company about how much the repairs will run.
If the foundation problems caused other damage or the issue causing the foundation problems needs to be fixed, get estimates on those repairs as well.
3. Check for Loan Issues
Some banks will refuse to give a loan for a house with foundation problems until after the repairs have been made. If this is the case with the bank you would be getting the loan from, you might need to work with the seller to ensure the repairs get made prior to the closing date.
4. Negotiate with the Seller
Chances are, the price you were expecting to pay for the home did not factor in the cost of significant structural repairs. In order to avoid blowing your budget, you need to negotiate with the seller.
This can come in two forms. The seller could agree to make the repairs themselves prior to the closing date (as mentioned earlier, for some loans this might be manditory).
In other cases, you could renegotiate the price to take into account the cost of the necessary repairs. This would allow you stay within your budget while still getting the repairs done.
5. Know That You Might Need to Walk Away
Falling in love with a house and then missing out on it can be difficult to take, but don’t be afraid to walk away. You have to weigh whether any additional costs are worth it if the owner isn’t covering the cost of the repairs. As with the rest of the home buying process, know how much you can afford and make your decisions accordingly.
Chances are, other people will have the same asks that you did, so the seller might even circle back to you later if you haven’t found another house.
Need a Foundation Repair Estimate in Oklahoma? Contact Pierman Foundation Repair
If you are in need of foundation repair work in our Oklahoma service area, contact Pierman Foundation Repair. We pride ourselves on the quality of our repairs and on using materials that will stand the test of time.
