Posted on: 01-02-07 20:33:03
Hello CD,
I've put a conditional offer recently on a property that is about 5 years old and brought in an House Inspector to conduct inspection.
The Inspector did an excellent work, he took about 3 hours and worked quite well and checked every piece of the home relentlessly and gave a final report binder.
The Inspector found a 1-2 cm wide settling crack in the foundation (from one side of the property), he went to the basement and found that the crack ran up to the basement wall. We also found that the seller did some not so good patch work which is not sticking well. The Inspector also found that there is leak currently due to this crack and suggested to get it fixed around Spring when it is Warm.
Other than that, he found all other satisfactory and pointed out the expensive and not so ordinary add-ons the seller has put.
Upon reporting this the seller refuses to touch/fix the property. My RE Agent thinks it might cost around $300 (he expressed this to the Seller agent) and the owner is willing to pay that price. My question is.
1. I am not so sure whether it will be just around $300 to fix this, as my RE Agent thinks out of his own view and , Don't wanna risk it.
2. Is it a good idea to search for some one to give me an estimate to fix so that I take the same as the discount from the original price.
3. Has any one come across this problem, how did you deal with this ?
Thanks.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
I would suggest you to get out of this deal at once and shop around for a good and 10-15 yo house. Houses constructed before 1995 are of much better quality.
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Dont help others because others have helped you,,,,help others because its the right thing to do!!!
http://www.indopia.in/
Since the house is only 5 years old, would this be considered a structural defect and covered by the New Home Warranty Program. You should inquire about this.
As RESP suggested, if you walk away, which should be possible, since U should have a conditional clause in the purchase agreement, you're safe. Alternatively if you decide on buying, get a professional to give you an accurate estimate, and then get a discount from the buyer. Keep in mind, the inspector mentioned about a water leak - how extensive is the damage. Even after you get an estimate, there's every likelyhood the cost may go up, once the work starts
Goodluck....
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SS
Reiki Grand Master
RESP,
Thanks for the point. As far this property is concerned, I liked everything else except the crack. Before I walk away from this I am looking to back my decision with a firm fact.
Its been more than a month and half I was using all my weekends quite religiously visiting houses. Out of more than 25 properties, there were just about four I was really able to develop a good feeling and this stood on top from our perspective. This being the reason I am battling a bit to narrow down a true cause to bolster my decision.
Thanks for your time.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
SS,
The Inspector did not report a leak. His estimation to fix this problem is any where between 250-500. Seller is willing to negotiate for this discount.
The Inspector also suggested to hold on fixing this and do it in the summer as there isn't a leak and doesn't need attention ( I got to count on this, never know how things will work out later).
Though I have paid a deposit, still the ball is in my court to decide whether to get the $500 discount or walk away. I feel it isn't easy
Quote:
Originally posted by sudesingh
Since the house is only 5 years old, would this be considered a structural defect and covered by the New Home Warranty Program. You should inquire about this.
As RESP suggested, if you walk away, which should be possible, since U should have a conditional clause in the purchase agreement, you're safe. Alternatively if you decide on buying, get a professional to give you an accurate estimate, and then get a discount from the buyer. Keep in mind, the inspector mentioned about a water leak - how extensive is the damage. Even after you get an estimate, there's every likelyhood the cost may go up, once the work starts
Goodluck....
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
JRF,
A good idea would be to have a contractor/professional take a look and give you a professionals take on it.
I know it's a tough decision to walk away from the deal after so much time spending looking for a home. But on the other side, you don't want to be stuck with a major problem in the future.
As mentioned earlier in the posts, the Tarion home warranty program should be able to cover this defect. I'm surprised the Seller hasn't remedied this issue already through the program.
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
One and half month is not bad at all... it took almost 4 months of weekends and evenings in my case. But I think when it comes to buy a GOOD house... this much time can be justified.. right?
Quote:
Originally posted by JRF
RESP,
Its been more than a month and half I was using all my weekends quite religiously visiting houses. Out of more than 25 properties, there were just about four I was really able to develop a good feeling and this stood on top from our perspective. This being the reason I am battling a bit to narrow down a true cause to bolster my decision.
Thanks for your time.
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Dont help others because others have helped you,,,,help others because its the right thing to do!!!
http://www.indopia.in/
