Recently, a client of mine saw a home in Beaverton, Oregon online that came from my daily email to her. She thought the home looked good, it was in her price range, and when she drove by on the way home, it looked even better in person.
She was so excited by what she saw that she wanted to put an offer in on the home without actually ever being inside the home. I wrote the offer, we drove to the home, went inside, and I have to say, this home was amazing! Nothing I could see would have said “RUN!”
But, what the agent didn’t put on the listing was that the home had no foundation. They knew it didn’t, but still decided to just price it fairly for that, but despite the price, finding lending for it was nearly impossible.
What lesson did my client learn from this? Well, she learned the importance of inspections, but in this case, we found out what we needed to from the disclosures prior to actually spending any money on an inspection. You never know what you will find in a home. Even the best looking ones may have hidden flaws, so my advice to you, the buyer, is GET AN INSPECTION EVERY TIME!
Now, if I was this seller and I had the equity in the home, I would have hired a foundation expert and had the home lifted and had a foundation poured. More than likely the cost of that would have been gotten back in the increased price of the home as well as in the decreased marketing time because you could obtain a loan on the property.
Todd Clark (Principal Broker)