You’ve been pre-approved for a mortgage and, after months of looking, found the home of your dreams. The sellers accepted your bid, and all the paperwork has been signed, and all you’re waiting on is for it to pass the inspection. But when you received the results, you found out that it has foundation issues.
The good news is this doesn’t automatically doesn’t mean the deal’s off. It does, however, mean that a professional foundation expert will need to inspect the foundation to find out the extent of the damage. Once you have this information, you can decide your best course of action.
Read on to find out if a home needing foundation repair is a deal-breaker or just a small bump in the road. This information is provided by our professionals for foundation repair Cincinnati OH.
A home’s foundation is what gives the house stability. It helps it to resist movement from temperature fluctuation and other external factors. It provides insulation to keep cold air out. Plus, it prevents insects, rodents, and moisture from invading your home.
Some foundation issues are simple fixes that are no big deal, while others are pretty extensive. If the structural engineer finds any of these issues, you should consider walking away from the agreement.
Nearly every home will have cracks in the foundation due to the house settling over the years. However, a good builder will engineer a foundation to withstand settling without creating issues for the rest of the home. When caught early enough, these are relatively simple fixes. However, it’s crucial to have a professional inspect the foundation to give you an estimate of the cost for repairs.
Major home foundation repairs may cost thousands of dollars. Make sure your contract has contingencies to protect you against issues that haven’t been disclosed. There are a few things you can do if extensive damage is found. You can ask the seller to repair them renegotiate the sales price, but if you’re getting a mortgage for the house, the lender may back out. If the seller refuses either of these options, then walk away.
It doesn’t matter if a small leak is discovered or a flood; this type of foundation issue is a sign that there’s a problem that needs to be taken care of quickly before it gets worse. This issue is usually much more expensive than needing a few cracks repaired, and a professional needs to inspect the house before you commit to buying it.
Below are the most common causes of foundation leaks
- Groundwater Leaking
Water can enter the home through cracks in the floor or the wall. However, the most common place is through joints in the wall or the floor.
- Sump pump failure
The good news is sometimes fixing the issue with a sump pump can be as simple as hitting the reset button. … Read More...Read More