Finding Structural Problems During Escrow in Upper Class Homes

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When buying and selling homes, the property purchase is usually subject to a satisfactory home inspection being done. Now and then, a home inspection uncovers severe structural Problems. Heres an example of a situation in an upscale neighborhood.

Severe Structural issues

does the buyer walk away when there are serious structural problems? Yes, but not always. A lot relies on the constraints facing the buyer ( are they relocating to start a new job, or simply moving up in the same general area? ) and on how much the purchaser likes the property. The angle, maturity level, communication abilities, and suppleness of both buyer and seller also make an enormous difference.

Its straightforward to see a deal blowing up in this situation . Let me tell you about a situation I saw that actually worked out.

Structural issues in Upscale Neighborhood

The 1st involved two professional couples and a place one couple wished to sell and the other wanted to buy in an established, up-scale neighborhood. The house was a colonial style, all brick, extremely conventional house built about fifteen years ago using top of the line materials. The kitchen and loos had been modernized and upgraded within the past 3 years. Top of the line materials ( marble, ceramic tile, and granite ) were again used.

The house was located on an acre lot that sloped gradually down to the street in the front. About ten feet from the right side of the house, the lot sloped steeply away to a pretty stream. The lot backed to a treed area of a fantastically maintained, significant estate owned by a college and open to the general public on a fee-paying basis.

The home inspector spotted that the chimney on the right end of the house was pulling away from the house. It was about 2 inches away at the top, but the bottom was still attached. In the basement, there had been some cracking along the wall the chimney was on. The home inspector would not certify the house as structurally sound, but recommended that an engineering firm take a look at it.

The buyer asked the seller to have an engineering study done. The seller was upset but didnt go to pieces. Something was causing the chimney to drag away, so they called in an engineer. For legal reasons, the sellers also wanted to understand what the issue was.

The engineer determined that shrink-swell soil was causing heavy foundation Problems. They commended digging down a lot further than the first footers and creating an intricate new support system. The sellers agreed to do it and the buyers agreed to delay closing till the work was completed. Thirty thousand bucks later ( out of the sellers pocket ), the exchange closed.

In Closing

When considering the above example, what is the moral? If you keep a cool head and look for solutions, structural Problems needn't be a deal killer.

Article Source: http://depositarticles.com/

To learn more about escrow, including the different kinds of software escrow visit All About Escrow.

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