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Finding Structural Problems During Escrow - Upscale Home Example
When buying and selling homes, the property purchase is often subject to a satisfactory home inspection being done. Now and then, a home inspection uncovers severe structural problems. Here's an example of a situation in an upscale neighborhood. Severe Structural Problems Does the buyer walk away when there are serious structural problems? Yes, but not always. A lot depends on the constraints facing the buyer (are they relocating to start a new job, or just "moving up" in the same general area?) and on how much the buyer likes the property. The attitude, maturity level, communication skills, and flexibility of both buyer and seller also make a huge difference. It's easy to see a deal blowing up in this situation. Let me tell you about a situation I saw that actually worked out. Structural Problems - Upscale Neighborhood The first involved two professional couples and a house one couple wanted to sell and the other wanted to buy in an established, up-scale neighborhood. The house was a colonial style, all brick, very traditional house built about 15 years ago using top of the line materials. The kitchen and bathrooms had been modernized and upgraded within the past 3 years. Top of the line materials (marble, ceramic tile, and granite) were again used. The house was located on an acre lot that sloped gently down to the street in the front. About 10 feet from the right side of the house, the lot sloped steeply away to a pretty stream. The lot backed to a treed area of a beautifully maintained, historic estate owned by a university and open to the public on a fee-paying basis. The home inspector noticed that the chimney on the right end of the house was pulling away from the house. It was about 2 inches away at the top, but the bottom was still attached. In the basement, there was some cracking along the wall the chimney was on. The home inspector would not certify the house as structurally sound, but recommended that an engineering firm take a look at it. The buyer asked the seller to have an engineering study done. The seller was upset but didn't go to pieces. Something was causing the chimney to pull away, so they called in an engineer. For legal reasons, the sellers also needed to understand what the problem was. The engineer determined that shrink-swell soil was causing serious foundation problems. They recommended digging down a lot further than the original footers and constructing an elaborate new support system. The sellers agreed to do it and the buyers agreed to delay closing until the work was completed. Thirty thousand dollars later (out of the sellers' pocket), the transaction closed. In Closing When considering the above example, what is the moral? If you keep a cool head and look for solutions, structural problems need not be a deal killer. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES: Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Realtor Lawsuit Settlement Will Change the Housing Market Forever Business Insider Who are real estate lobbyists talking to in New York? City & State New York Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Why This Real-Estate Investor Favors Commercial Vs. Residential Business Insider The End of the Super Broker Era in Commercial Real Estate Commercial Observer Dune Real Estate Partners Announces Promotions Yahoo Finance The Greenwich Private Real Estate Market: 2023 to Feb 2024 Greenwich Sentinel Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA Real Estate Commissions Are About to Get Much Cheaper. Here's How Zillow, Redfin, and Opendoor Could Be Affected. The Motley Fool Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Local real estate agents abuzz over proposed commission changes - LVB Lehigh Valley Business Wall Street's Most Accurate Analysts Say Hold These 3 Real Estate Stocks With Over 4% Dividend Yields Markets Insider On Real Estate: The confusing and contradictory state of post-pandemic retail Crain's New York Business Miami Beach real estate investor under investigation for firing shotgun from waterfront home WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale A luxury agent on how the NAR settlement will change his business The Washington Post REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com WORLD PROPERTY VENTURES: The 'DARPA of Real Estate' Announces New Digital Initiatives The World Property Journal Knoxville School Board to Hold Several Public Hearings Regarding Real Estate Parcels KNIA KRLS Radio Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times The Realtors' Big Defeat The New York Times Realtor group will pay $418M to settle commission lawsuits The Associated Press How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Israeli real estate event: Legal complaints escalate NorthJersey.com Settlement will affect Iowa homebuyers KCCI Des Moines China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter What the death of the 6% real estate commission means in D-FW The Dallas Morning News National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Hocking County real estate transfers | News | logandaily.com Logan Daily News Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Realtors settlement brings confusion, relief to Southern California’s real estate industry OCRegister What Seattle-area homebuyers should expect after national settlement The Seattle Times Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal California, United States Luxury Real Estate Home California Listings How KC-area brokerages rank by CRE category: industrial, office, multifamily - Kansas City Business Journal The Business Journals Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Wilmington realtor weighs in on proposed changes to real estate industry following major settlement WECT How major real estate changes could impact homebuyers Spectrum News Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily A commission settlement may affect housing market 9News.com KUSA Yoon to scrap 'reckless' plan to raise declared real estate value The Korea JoongAng Daily 4 Ways a Settlement Could Change the Housing Industry The New York Times UK pension funds snap up real estate at steep discounts Financial Times |
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