Foundation Sinking, Need Help. Please throw life perserver!!

[Rlong]

As to "stigma" I have looked at several potentially stigmatized (spelling?) properties and have found it hard to determine. ie. Comm. building that tested radioactive soils. I have attempted to talk to appraisers in other areas that have had similar issues AND solicited opinions from experienced brokers and lenders in the area. I generally came up with either none/very limited stigma. Kind of the "there's a sucker born every minute" that will buy the property even with disclosure theory.

As to the quality or "stigma" of the repairs, I too was a GC for 15 years and have some experience in structural repairs. Most engineering reports I have utilized said excavate to "blah" (8') AND get an open hole inspection to determine if "blah" (native soil or adaquate etc..) per engineer. So the cost to cure is "X" based on the spec (excavation to 8') PLUS a contingency factor. This repair does sound very valid as long as the soils are stable at the bottom of the hole. I would probably buy the house if I wanted THAT house, yes there is a potential risk BUT I'm getting a new drive, garage, etc.

Ooohhh is the amount of stigma offset by the new items and updated interior.... ?? All things to consider. I think structural repairs HAVE advanced over the previous 10+ years. (I live in an area with bands of unstable soils)

Gotta love stiring the pot

 

[Austin]

I don’t believe in “stigmatized properties,” and here are some reasons why:
I was on a grand jury once for a double homicide. I saw the colored pictures of two elderly women lying on the floor blasted by a shotgun. A month later I was hired by a lawyer to sell the real estate and personal property at auction. This was a remote location with an access problem that had been litigated. Biggest crowd at the auction you ever saw. Mostly blood sucking lawyers that thought they could steel the property. Sold for top dollar. I purchased the china cabinet. The killer torched the house and the cabinet was smoked, but it cleaned up real nice.
Then a woman was murdered in the city and a lawyer hired me to sell the real estate and personal property. When I went into the house the murdered woman’s glass of tea was still setting on the coffee table. Real estate and personal property sold for double the price. As it turned out, the man that purchased the house lived around the corner. A few years later he was sitting at the dinner table and his son shot him in the face with a shotgun. Turns out, this son was the man that murdered the woman.
Then there was the *****house sale. A big time pimp got busted and sent to the slammer. I was hired to sell the real estate and personal property. Again, every lawyer in town showed up thinking they could steal it. Real estate and personal property sold for top dollar. I purchased a buffet that we still have. We call it the *****house table.
Then there was the case of the man that murdered his 16-year-old son. I was hired to sell the real estate. Sold for top dollar. Believe it or not, the killer had been convicted, sentenced, and was out waiting to serve his 20 years. He rode with me to the closing and told me that he paid a friend from out of town to come and pike the sale. After the closing, it was off to the state pen.
Then the worse stigmatized property I have ever seen. A drug dealer’s house caught on fire about 3PM one sunny afternoon. The fire department came to put the fire out. Two firemen went into the house with oxygen breathing apparatus on, full protective gear from head to toe. They never came out. They were found lying on top of each other in a hall way stone dead. Never found a cause. Both just dropped dead. It was speculated that some drugs were in the fire but no test ever showed any results. I said, that house will never sell. Less than a year later it was repaired and sold at market price.
So much for stigmatized properties. Such is the life an a country auctioneer/appraiser. Some time I will tell you guys about my experiences with the chicken fighters, bootleggers, and my inspection of a strip joint.

 

[Tim The Enchanter]

So much for stigmatized properties. Such is the life an a country auctioneer/appraiser. Some time I will tell you guys about my experiences with the chicken fighters, bootleggers, and my inspection of a strip joint.

Austin,

Can't wait, Do tell :!: :lol: :lol: :lol:

 

[Mountain Man]

:lol: Interesting point.
I hope you cleaned the buffet as well. 8O

 

[Austin]

Lee: Let me guess! Which story does Lee want to hear first? Since you are from LA, I would guess the story about inspecting the strip joint- right? My brother-in-law (The Duke of Dirt) was a standup comic for Michael Peter at one of his strip joints. I was visiting the club to see my brother-in-law’s show and we got to talking with Michael Peter. You may have seen Michael on life styles of the rich and famous. He is a hoot. They decided to give me a tour of the joint. We went through a door to a back room. We went through a narrow hall to a dressing room. The walls were covered with mirrors. The first thing I saw was a naked woman with nothing on but high heel shoes bending over getting something out of her bag. Actually there were 14 naked babes in the room getting ready to go on stage. Michael said, hey girls, come over here and meet my good buddy Austin. They all came over and shook hands. We talked for a while then toured the rest of the joint. At times this can be dirty work, but hey-somebody has to do it. No more drive-by's for me.

 

[Tim The Enchanter]

Austin,

:lol: Good story but could it be I was thinking of my uncle in TX who raises many chickens, and (used to anyway) fight them. Dogs too. :lol:

Not that I think this is a good thing, I don't. :!:

I'm not a fan of strip joints, but hey you gotta do an interior inspection of the premises right? :lol:

Thanks for the story. Nothing like a good laugh. :lol:

 

[Caterina Platt]

Hey Gary!

Glad you're back!

I know of two subdivisions which have experienced some degree of soil instability in our lovely non-disclosure state, but not sure if the data would be conclusive enough to help in your more serious situation.

Tanoan, an excluoooosive area of homes near a fancy schmancy golf course and country club in Albuquerque. Old timers in the biz have mentioned that this was built on an old landfill. Appearantly the first homes built in there had some serious settling cracks show up shortly after completion. Not sure what was done to treat the soil, but this development is approximately 15 years old. I have not done any appraisal work in this area, however I can probably put you in touch with those who have.

Luna Addition. This one's in my backyard and I'm a bit more versed on the specifics. Entry level homes built in the 70's and initially sold FmHA. Expansive clay soils weren't treated prior to construction and many have had some serious foundation heaves and cracks. A soil abatement firm from Texas was contracted by FmHA and injected treatments under the slabs of the affected homes in the early to mid 90's and it has appeared to do the trick. No market data to suggest any stigma.

Hope this helps. Drop me an email if you need more info.

Take care!

 

[Patti(CO)]

I recently inspected a tri-level home that was sinking into the ground. The owner was aware of it and had contracted to have the home repaired. She got taken. The contractor never filed for a building permit and never really finished the work. The owner is stuck because she signed a contract that stated "the work may not restore home to original state."

Anyway, I inspected it only to find that new vinyl siding was folding in on itself and the ceiling was pulling away from the walls. It was to say the least a very bad situation. I called Regional building and they inspected the home to verify if it was safe to occupy. They have since put the home on the unsafe list and the owner is basically screwed. She had an appraisal done 2 years ago with no mention of any problems. This is not an overnight problem. But it was ignored by the other appraiser. This home in its present state is not marketable. I did not complete the appraisal.