Hey guys! New to the forum.
A little back story:
I have recently put an offer in on my first house, which was accepted so the sale is pending inspection. The number that was finally agreed upon is $400,000. The house was built in 2006, and the main water line is 1" Kitec (the teal blue stuff) The house is also a foreclosure so I'm dealing with the bank and the house is currently vacant.
During the inspection, I took my dad with me who is a civil engineer with the city. He noticed that some water was draining into the sump, and getting pumped out constantly, at the rate of maybe 1/4 flow from a household tap (so quite a bit..) The sump was cycling about every 15-20 mins. My dad suspected a broken water line either on the street, or the main water supply line that runs into the house. We called the city flood prevention line, and their inspectors came out and verified that it was in fact city water leaking into the sump, and that it was the main water supply line that was leaking. So the city shut the water off to the house, and can't turn it back on until the problem is repaired.
I brought out a contractor that specializes in water/sewer line replacement and when we were in the basement we popped the metal access cover off the basement floor and instead of finding dirt it was all just soupy mud. He wrote up an estimate of $8000 and said that that would be absolute worst case, if they had to fully replace that entire line.
I'm not so much worried about the price because obviously the bank is going to have to either pay for the repair and leave the asking price where it is, or deduct it off the asking price and then I'll have to finance it somehow with my mortgage broker. What I'm more worried about is the amount of wet mud underneath the basement floor. Will this cause foundation problems in the future? I'm thinking it will dry once the leak is fixed, but is this something to be really concerned about? Should I just run while I can? I'm hesitant to run because of the value I'm getting on the house, it's worth about $60-$70k more than I'm paying and I really like it, so ideally I want to pursue the repair.
Has anyone dealt with a situation like this before? I'm a first time home buyer so any advice is welcome!!
Thanks!
Steven
A little back story:
I have recently put an offer in on my first house, which was accepted so the sale is pending inspection. The number that was finally agreed upon is $400,000. The house was built in 2006, and the main water line is 1" Kitec (the teal blue stuff) The house is also a foreclosure so I'm dealing with the bank and the house is currently vacant.
During the inspection, I took my dad with me who is a civil engineer with the city. He noticed that some water was draining into the sump, and getting pumped out constantly, at the rate of maybe 1/4 flow from a household tap (so quite a bit..) The sump was cycling about every 15-20 mins. My dad suspected a broken water line either on the street, or the main water supply line that runs into the house. We called the city flood prevention line, and their inspectors came out and verified that it was in fact city water leaking into the sump, and that it was the main water supply line that was leaking. So the city shut the water off to the house, and can't turn it back on until the problem is repaired.
I brought out a contractor that specializes in water/sewer line replacement and when we were in the basement we popped the metal access cover off the basement floor and instead of finding dirt it was all just soupy mud. He wrote up an estimate of $8000 and said that that would be absolute worst case, if they had to fully replace that entire line.
I'm not so much worried about the price because obviously the bank is going to have to either pay for the repair and leave the asking price where it is, or deduct it off the asking price and then I'll have to finance it somehow with my mortgage broker. What I'm more worried about is the amount of wet mud underneath the basement floor. Will this cause foundation problems in the future? I'm thinking it will dry once the leak is fixed, but is this something to be really concerned about? Should I just run while I can? I'm hesitant to run because of the value I'm getting on the house, it's worth about $60-$70k more than I'm paying and I really like it, so ideally I want to pursue the repair.
Has anyone dealt with a situation like this before? I'm a first time home buyer so any advice is welcome!!
Thanks!
Steven