Can anyone give me some advice on buying a property with a crack slab. The property listed for 39k 2b/1ba and now a week later is listed for 30k. There is another propertywhich is a 2b/2ba on the same street listed for 69k and has been on the market for about 4 months. The area is two streets from a highschool. The crack runs from the carport right into the kitchen as soon as you walk in the door. Could I buy this property, fix the crack and still make a profit? All other repairs are minor. I probably would add another bathroom to become comparable to the other property. PLEASE HELP ASAP!!
I just did a rehab with a cracked foundation.
most foundation companies will give you a free estimate, if you have access to the property. you may need to get it under contract to have access. be sure to have good contingencies so you can get out if you need to. if the house is vacant, they may give you WRITTEN permission to enter for evaluation. get two estimates, as they can vary widely.
while you’re doing this, get solid comps.
work from the comps backward. selling price minus profit minus repair costs minus little extra minus whatever else = purchase offer. then renegotiate the contract.
have an exit strategy before you buy. know how you’re going to finance it and handle holding costs - it may not sell right away. foundation issues scare most buyers.
Thank you!