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.
About the author:
Raynor James is with
|
