I have a deal, but the basement wall has a bow to it.
To me it looks like it was maybe repaired because there is new concrete patch work over it in places.
But, because this is a cash deal no one really knows for sure.
The house is 80 years old so I expect some movement.
Do I need to worry about:
Liability if something happens while tenats in there if I was “aware” of it.
Reselling it… to another wholesale vs retail.
Pay for fixing it down the road
Working the insurance company to fix it.
Thanks! I love your advice!!!
Hi,
I don't know what area of the country your in, but some area's are subject to freezing and thawing, expansive soils, settling and movement caused by various causes.
If the wall is clean, looks presentable and has no visible holes or cracks and does not by appearance seem to be falling in, your probable alright.
There are a lot of old properties around the country with rock and grout foundations that have moved a little or cracked real badly that have been parged over filling those cracks and smoothing the wall, but still very much structurally sound.
GR
Get a structural engineer to look at it and get a formal report on how bad it is and how to fix it. I had a similar problem on a old flip. When I bought the house the basement concrete block walls were covered with polystyrene foam board insulation and I didn’t notice a fine crack in one of the pillisters when I inspected the house. When I initially sold the house, the buyer’s inspector noticed the crack and the buyer required the insulation torn down, revealing a minor bulge. Even though I lost that buyer, I had it immediately inspected by a certified structural engineer ($250) and he provided a report including suggested repairs (rod and grout). The repairs cost $1500 and I had it back up for sale in 1 week with this problem SOLVED. It became a non-issue to everyone else who got seriously interested in the property because of the report from the certified structural engineer…people love “certified” and “engineer” on documents.
jmd_forest
With all these issues is it really really worth it… i once had a great deal almost 30cts to the dollar that i bid on sight unseen. When i investigated futher in my due diligence i saw discovered structural damage in the bedroom…! lets say the cost was too much to be repaired. If i did the work it would be the equivalent of buying a property at 60cts or market value too much effort for nothing
tough call but when rehabbers get into this kind of repair there is no return for it, people just except the wall to be stable. I looked at one simular and walked. Kitchens and baths worth the money basement walls, no.