Thinking of Buying a House

[drdexter33]

Hello There.

I am thinking about buying a house that I have been renting for a few years.

I think it was built in the early 90's and possibly has the original roof although the owner replaced the HVAC unit, however I think he did it as cheaply as he possibly could.

The question that I have is surrounding the fact that I suspect that there are some foundation issues with the house and the reason that I suspect this is because I've noticed some cracks in the living room wall as well as I've noticed that the window sills on one side of the house are separating from the windows.

I've attached some photos for reference and to get an opinion on this.

Thanks.

Here are some pictures of the wall and ceiling that I mentioned:

Thanks in advance.

 

[bud16415]

Is there a basement? Can you get photos of the foundation wall inside and outside in those locations?

 

[drdexter33]

There is no basement in this house.

We live in Coastal NC

 

[bud16415]

Can you go outside and take a look at the wall where the window is and also the crack?

 

[slownsteady]

No basement, so in coastal Carolina you could be on a slab or on stilts?? Have the cracks been getting worse since you have been there? Sometimes it's just a matter of new construction settling, but if the problem is just developing or has been getting worse, then you might be looking at bigger problems.

 

[drdexter33]

It's on a slab.

The cracks seem to have been getting worse.

There are also cracks appearing where the walls are joining the kitchen cabinets.

I'll check outside of the windows for cracks however there is no exterior wall where the wall photo was taken.

 

[bud16415]

It could also just have a crawl space with a foundation.

 

[bud16415]

So where the wall is cracking it’s an interior wall?

I don’t know if I would want to rent that house but I’m pretty sure I wouldn’t want to buy it.

Has the owner just brought up selling it lately and did he approach you?

 

[drdexter33]

Exterior shots:

http://s8.postimg.org/qpctk5vph/002.jpg

Doesn't look good

 

[drdexter33]

So where the wall is cracking it’s an interior wall?

I don’t know if I would want to rent that house but I’m pretty sure I wouldn’t want to buy it.

Has the owner just brought up selling it lately and did he approach you?

Well he's underwater on the house and I've been renting from him since 2012 because of a shortsale that I went through..

I thought that I might be able to get a decent deal from him since I have been a good tenant for awhile...but perhaps it's not such a good idea after all.

We've discussed it, but nothing definitive has been said..

Thanks.

 

[bud16415]

Well anything can be a good deal or a bad deal and sometimes all rolled into one. The house I’m in now was a short sale and that’s where he will be shortly it sounds. The house I bought had a thousand reasons not to buy it and it had a super low price tag that made it a good deal for me as I could do the work myself and now we have a great place, no mortgage and a huge return on our investment if we did sell. So you are doing the right thing trying to figure out what is wrong and if it fits you. One way to look at it is your rent is going down the drain so if you could own it for less than you are renting for over a short loan time maybe it might be logical if the problems are not so bad or can be fixed.

What’s he want what’s it worth if perfect or rather repaired what are comps for the area going for?

 

[drdexter33]

A house sold down the street recently for 155k. Needed a new roof, paint and new windows.

I think he wants around 170k last we spoke but I think that's 15k too much...

 

[bud16415]

If there is serious foundation issues and as you mentioned they are active at this time I would say 170k is way overpriced. The best thing if you are seriously thinking about this is to seek out some professional help in your area to figure out what the problem is and what the repair would cost. Then adjust any offer starting at that number.

Do you know how upside down he is or what he owes and has paid so far or what he paid for it and when. Some of that is public records?

Foundation work can really run up a bill fast.

 

[slownsteady]

I agree with Bud. Almost anything can be fixed for a price. It's up to you whether you're up to the challenge. It's going to cost time/labor/money, and that should come off the selling price. But you should know the scope of the problem (as exactly as you can). Then you can determine the worth to you.
I would be curious of the geology below your house as a starting point. That's probably the least fixable thing.

 

[joecaption]

Just going by the pictures you posted to me it looks like minor issues.
Bad tape seam on the wall, about a 15 min. fix to correct that dropped stool (could be as simple as someone missed the wood when nailing the apron in place or someone tried setting a window A/C in the window and dropped it, just some quesses based on what I have seen in the past)
He's the one in the jam not you so do not afraid to give a low ball offer.

 

[drdexter33]

Thanks for your input everyone.

Maybe I'll see if I can find someone to come take a look to see what we're facing.


Thanks again and Merry Christmas...

 

[JoeD]

The bottom picture with the discoloured brown streak looks like a water leak.

 

[frodo]

my opinion,
call a foundation co for an estimate to level the house

ask him what he wants for the house

take the price of the estimate, plus 5k off the price and offer him that

if he doesn't bite, --------him

on any home, not just this one, spend the extra $500.00 for a professional house inspection

never, I dont care if your wife is all up in your ear telling you how cute it is.

NEVER, buy a house with out having it inspected FIRST

if the seller says he had it inspected, say thank you, and get your own inspector

 

[slownsteady]

never, I dont care if your wife is all up in your ear telling you how cute it is.
NEVER, buy a house with out having it inspected FIRST
if the seller says he had it inspected, say thank you, and get your own inspector

Worth repeating. And don't use the inspector that your realtor recommends either; find one that has no other interests in the deal.

 

[drdexter33]

I was digging around the foundation of the house and found a foundation jack:

So apparently this has been an issue in the past and it appears that I am correct about the foundation issues..