I have information about a home soon to be foreclosed upon. The home has a foundation problem that should still be covered under the home’s 10 year warranty. Is it possible to go to the bank and offer them an amount much less than what’s owed on the property and then try to use the warranty (or is it non-transferable)
Depends upon the warranty…some are but I would say a large majority are not. Kind of a 'wishy-washy answer, Iknow but that’s the truth of it…
Because it is being foreclosed, I’m guessing that it will be very difficult to get a copy and review it…?
Keith
Actually, the home is within our same neighborhood and so, I’m assuming the warranty is the similar if not identical. I’ll check mine and see if it is. I’ve never even attempeted REI, so this is probably way to difficult for me. But I can’t help but think it could be a great opportunity. I guess I would just call the bank? Thanks for your help!
If, however, the foundation is bad and not covered by warranty, you might be able to pick it up at a SUBSTANTIAL discount…
Is is a ‘slab’, a ‘celllar’, or a ‘pier-and-beam’ (or something else)?
I have made a purchase offer (over the weekend) on a house that had a slab problem. It has been corrected and has an engineer’s report stating that it is good…here in Louisiana there are a LOT of bad foundations.
One company has looked at it and said it is a foundation problem under the basement (sump pump continues to run). I’m not sure of anything more than that.
If there is a sump pump that continually runs, there is probably a huge water problem (e.g., an underground spring, a water dome, or a very high water table. These things would be difficult to abate and may be very expensive to remediate.
Has an Engineer looked at it and rendered a report?